CFPB expands oversight of digital payments services including Apple Pay and Cash App

The Consumer Financial Protection Bureau (CFPB) has reportedly expanded its oversight to include digital payment platforms like Apple Pay and Cash App. With this move, the CFPB aims to ensure that consumers’ financial transactions remain secure and fair, considering the rapid growth and popularity of such services. This means that these payment platforms must now adhere to federal regulations governing traditional financial institutions, which may include rules related to data privacy, fraud protection, and dispute resolution. However, this step may also indicate potential future regulations on digital payment services to further secure transaction processes.