The proposal would cover about 17 companies that together send more than 13 billion payment
WASHINGTON - The top U.S. consumer financial watchdog on Tuesday proposed to regulate tech giants' digital payments and smartphone wallet services, saying they rival traditional payment methods in scale and scope but lack consumer safeguards.
Apple, PayPal and CashApp did not immediately respond to a request for comment. Google declined to comment. In a statement on Tuesday, Chopra said the tech sector had expanded into financial services traditionally provided by the closely regulated banking sector. Speaking about Tuesday's proposal, senior CFPB officials said it was imperative to look into privacy compliance at these larger firms with a wealth of consumer data, noting that many of their business models focus on monetizing that data.