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US consumer finance watchdog faces lawsuit for classifying digital wallets as banks

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Technology trade groups TechNet and NetChoice filed a lawsuit on Jan. 16 to challenge the CFPB's regulatory approach.
The U.S. Consumer Financial Protection Bureau (CFPB) is facing a lawsuit from the Chamber of Commerce, which challenges the CFPB's authority to regulate digital payment apps like Apple Pay, Google Pay, and Venmo under banking laws. The lawsuit argues that the CFPB's attempt to classify these digital wallet providers as banks is an overreach, as these companies do not accept deposits or issue credit like traditional banks. This legal action follows the CFPB's proposal to extend its oversight to these nonbank financial companies, aiming to ensure consumer protections similar to those in the banking sector. The contention lies in whether these digital services should be subject to the same regulatory scrutiny as banks, with implications for how financial technology companies operate and are regulated in the U.S.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/financial-regulation/us-consumer-finance-watchdog-faces-lawsuit-for-classifying-digital-wallets-as-banks/ar-AA1xmjRW ]