November 21, 2024 – 2:38 AM PST
(Reuters) – Silicon Valley tech giants and others who together process more than 13 billion financial transactions annually through digital wallets and payment apps will be subject to government supervision, the U.S. Consumer Financial Protection Bureau said.
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The new rule finalized on Thursday will bring a burgeoning consumer service under the same scrutiny faced by banks while helping protect the privacy of vast amounts of consumer data and preventing fraud and the illegal closure of their accounts, the agency said.
The regulations, first proposed a year ago to govern digital services such as Apple Wallet, Google Pay and Venmo, come as President-elect Donald Trump prepares to make far-reaching changes to federal regulators’ conduct when he takes office next year, which…
