Reported about 17 hours ago
The US Consumer Financial Protection Bureau has finalized a rule to regulate major tech companies processing over 13 billion financial transactions annually via digital wallets and payment apps. This regulation aims to enhance consumer data protection and prevent fraud while aligning these services with the scrutiny faced by traditional banks. Changes from the initial proposal include increasing the transaction threshold for regulation to 50 million per year and limiting the scope to US dollar transactions. The rule will take effect in 30 days.
Source: YAHOO