Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications

November 20, 2023 CFPB, Regulation lookup 0

Title:	Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications
Subject:	Digital payments; larger market participants
Agency:	CFPB
Status:	Proposed rule
Summary:	The Consumer Financial Protection Bureau (CFPB) proposes a rule to define a market for general-use digital consumer payment applications. The proposed market would cover providers of funds transfer and wallet functionalities through digital applications for consumers’ general use in making payments to other persons for personal, family, or household purposes. Larger participants of this market would be subject to the CFPB’s supervisory authority under the Consumer Financial Protection Act (CFPA).
FR Doc:	2023-24978
Date proposed:	Nov. 7, 2023
Comments due date:	Jan. 8, 2024
Effective date:
Rule compliance date:
Agency release:	CFPB Proposes New Federal Oversight of Big Tech Companies and Other Providers of Digital Wallets and Payment Apps
Related Reg Report item(s):	Apple Pay, Google Pay, other ‘Big Tech’ payments firms would face CFPB oversight from proposal

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