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Kiplinger
Kiplinger
Business
Jamie Feldman

Your Favorite Payment Apps May Face Federal Scrutiny

CFPB PayPal Rohit Chopra Apple Pay
Smartphone showing a checkmark for a payment app.

As digital wallets and payment apps grow steadily in popularity, the Consumer Financial Protection Bureau (CFPB) proposes that they be held to the same standard of consumer protection as their more established banking counterparts.

As it stands today, apps such as PayPal, Apple Pay and Google Pay are not subject to the same regulations or, more importantly, consumer protection laws as large banks, credit unions and other financial institutions. The CFPB said its proposed rule seeks to bring more oversight of these firms and change that. 

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