WASHINGTON: The top US consumer financial watchdog on Tuesday (Nov 7) proposed to regulate tech giants' digital payments and smartphone wallet services, saying they rival traditional payment methods in scale and scope but lack consumer safeguards.
The Consumer Financial Protection Bureau's proposal would subject companies like Alphabet, Apple and PayPal to bank-like supervision, with CFPB examiners inspecting their privacy protections, executives' conduct, and compliance with laws barring unfair and deceptive practices.
Since becoming director in 2021, Chopra has steadily increased CFPB scrutiny of the sector, seeking information in 2021 on how Big Tech companies use consumer data and last year launching an inquiry into their payments platforms. "Today's rule would crack down on one avenue for regulatory arbitrage by ensuring large technology firms and other nonbank payments companies are subjected to appropriate oversight," he said.
Representatives of Big Tech companies have previously highlighted their efforts to protect consumer data.
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