By Jonathan Stempel
January 16, 2025 – 7:46 AM PST
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(Reuters) – Two technology trade groups sued the U.S. Consumer Financial Protection Bureau on Thursday to block a new rule giving the regulator supervisory authority over payment apps and digital wallets from large non-banks.
NetChoice and TechNet said Congress did not give the CFPB free rein to aggressively, arbitrarily and capriciously police large non-banks offering consumer financial services through such products as Apple Wallet (AAPL.O), Google Pay (GOOGL.O) and Venmo.
The trade groups also said the CFPB identified no consumer risks or gaps in regulatory oversight that justified the rule, which covers companies that process at least…
