Non-financial institutions such as Apple and Google, which have developed digital payment systems for consumers, will be watched closely by the Consumer Financial Protection Bureau, or CFPB. The independent entity now states that these companies will be treated like any other bank. One of the reasons why the U.S. agency has targeted these multi-billion firms is the popularity of Apple Pay, which processes more than 50 million annual transactions in the country. The CFPB has announced that after 30 days, digital payment platforms will be subject to federal supervision. This likely means that whatever policy Apple introduces will be subject […]
Read full article at https://wccftech.com/apple-will-be-treated-like-any-other-bank-says-cfpb/
