13 billion financial transactions every year - American technology giants under the "magnifying glass" of the government!
Silicon Valley tech giants and others that together process more than 13 billion financial transactions each year through digital wallets and payment apps will be subject to government oversight, the US Consumer Financial Protection Bureau (CFPB) said. .
The new rule finalized Thursday will bring increased customer service under the same scrutiny that banks face, while helping protect the privacy of large amounts of customer data and prevent fraud and illegal foreclosures. their accounts, the agency said.
The regulations, first proposed a year ago to govern digital services like Apple Wallet, Google Pay and Venmo, come as President-elect Donald Trump prepares to make sweeping changes to the way federal regulators behave when he takes office next year. future, which may cast doubt on the future of the rule.
Regulatory oversight includes a detailed internal audit to ensure companies' legal compliance with federal law, something banks routinely face.
While some representatives of the banking industry had welcomed the move, saying that providers of bank-like services should be regulated like banks, Big Tech and some financial technology companies were not happy, claiming that the regulations would stifle innovation and to squeeze startups out of business.
The Consumer Financial Protection Bureau said the final rule contains significant changes from the initial proposal. A company will now have to process at least 50 million transactions a year to be covered by the rule, not 5 million as originally proposed.
The rule will now only apply to transactions in US dollars, while the agency had initially said it could apply to digital assets that have monetary value and can be used to make purchases.
The rule will take effect 30 days after publication in the Federal Register, which is the official journal for government regulations.
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