Yesterday, the Consumer Financial Protection Bureau (CFPB) released a notice of proposed rulemaking that would allow the agency to supervise and conduct examinations of certain non-bank providers of digital wallets and payment apps. The move is intended to address perceived ​“regulatory arbitrage by ensuring large technology firms and other nonbank payments companies are subjected to appropriate oversight,” according to CFPB Director Rohit Chopra.

https://www.kelleydrye.com/viewpoints/blogs/ad-law-access/cfpb-issues-proposed-rule-to-expand-supervisory-authority-conduct-examinations-of-digital-wallets-and-mobile-payment-apps

Donnelly McDowell
dmcdowell@kelleydrye.com
(202) 342-8645
https://www.kelleydrye.com/people/donnelly-l-mcdowell

Matthew Luzadder
mluzadder@kelleydrye.com
(312) 857-2623
https://www.kelleydrye.com/people/matthew-c-luzadder

Alex Schneider
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(202) 342-8634
https://www.kelleydrye.com/people/alexander-i-schneider

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CFPB Issues Proposed Rule to Expand Supervisory Authority

The Ad Law Access podcast, now available daily, is powered by Kelley Drye’s Advertising and Privacy / Data Security teams. 

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