House Republicans Criticize CFPB Proposal to Supervise Digital Wallets and Payment Apps

Wednesday, 13 March 2024, 21:26

House Republicans criticize the Consumer Financial Protection Bureau (CFPB) for proposing to regulate digital wallets and payment apps. This proposal has sparked debate over the extent of CFPB's authority and the impact on consumers' financial transactions. Critics argue that the rule could hinder Americans' ability to conduct digital transactions and blur the lines between banking and technology regulation.
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House Republicans Criticize CFPB Proposal to Supervise Digital Wallets and Payment Apps

GOP Criticizes CFPB's Proposed Regulation of Digital Finance Services

House Republicans expressed concern over the Consumer Financial Protection Bureau's (CFPB) proposal to regulate digital wallets and payment apps. The debate at the hearing highlighted disagreements over the necessity and scope of the proposed rule.

Key Points:

  • Rohit Chopra's Rule: CFPB Director Rohit Chopra proposed oversight on non-bank financial technology to prevent regulatory arbitrage.
  • Republican Criticism: Lawmakers criticized the CFPB for overstepping its mandate and imposing unnecessary regulation.
  • Impact on Consumers: Concerns were raised about the rule limiting Americans' ability to transact digitally and increasing CFPB involvement in private transactions.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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