this post was submitted on 09 Nov 2023
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This is the best summary I could come up with:
The proposal issued by the Consumer Financial Protection Bureau on Tuesday would subject non-bank companies that offer digital payments to a regulatory scheme similar to that for banks or credit unions.
“Today’s rule would crack down on one avenue for regulatory arbitrage by ensuring large technology firms and other nonbank payments companies are subjected to appropriate oversight.”
The CFPB said that having large non-bank companies “play by the same rules as banks and credit unions” would help “promote fair competition” between depository and non-depository institutions—an important theme for Chopra, who advocated for tougher antitrust policies in his former role at the US Federal Trade Commission.
In a speech last month, he said he feared the US was “lurching toward a consolidated market structure, like the one that has emerged in China, that blurs the lines between payments and commerce and creates the incentives for excessive surveillance and even financial censorship.”
The CFPB in 2021 requested big tech groups to turn over information on their payment systems including data harvesting, user choice, and other consumer protections.
The consumer watchdog is seeking to expand its authority even as federal agencies contend with the fallout from a US Supreme Court ruling that raised questions around their rulemaking powers.
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