The Consumer Financial Protection Bureau is starting to regulate larger (i.e. annual volume of at least US$5m consumer payment transactions) nonbank companies that offer digital wallets and payment apps.
I’m a lawyer. Ask me about this ⚖️🪙
https://files.consumerfinance.gov/f/documents/cfpb_nprm-digital-payment-apps-lp-rule_2023-11.pdf