Apple Pay to Be Treated Like a Bank With Federal Scrutiny in the U.S.
The Consumer Financial Protection Bureau (CFPB) has finalized a new rule that will bring Apple Pay and other major digital wallet services under the same oversight as banks.
The CFPB today announced that, effective 30 days after its publication in the Federal Register, digital payment platforms processing over 50 million annual transactions in U.S. dollars will be subject to federal supervision. Apple Pay is one of the most widely used digital wallets in the United States and falls squarely within this threshold.
The new rule will grant the CFPB powers to proactively examine Apple Pay's compliance with federal consumer financial laws, including privacy protection, fraud prevention, and account stability. The CFPB has highlighted privacy concerns, fraud risks, disruption caused by account closures, and consumer protection as key areas of focus in its supervision.
While the CFPB already had some enforcement authority over Apple Pay, it previously relied on responding to violations or direct consumer complaints. The new regulation enables direct and ongoing scrutiny of internal operations, just like the oversight banks and credit unions face. Apple has not yet commented regarding the CFPB's finalized rule, but it did participate in the agency's consultation process, which considered input from stakeholders and financial technology companies.
The CFPB's move reflects a broader global trend toward regulating big tech's involvement in financial services. European regulators have similarly scrutinized Apple Pay, including its restriction of near-field communication (NFC) to its devices, which raised antitrust concerns. In the United States, the CFPB's decision is part of an effort to ensure that tech companies offering financial services comply with the same rules as traditional institutions.
Note: Due to the political or social nature of the discussion regarding this topic, the discussion thread is located in our Political News forum. All forum members and site visitors are welcome to read and follow the thread, but posting is limited to forum members with at least 100 posts.
Popular Stories
Apple is planning for a major design overhaul of the iPhone, iPad, and Mac interfaces with the introduction of iOS 19, iPadOS 19, and macOS 16 later this year, reports Bloomberg. The update will "fundamentally change" the look of Apple's operating system, introducing a more consistent cross-platform experience.
Apple plans to update the style of icons, menus, apps, windows, and system...
The upcoming iOS 18.4 update for the iPhone includes a smaller but meaningful improvement for Apple's in-car iPhone mirroring system CarPlay.
Specifically, CarPlay now shows a third row of icons, up from two rows previously. However, this change is only visible in vehicles with a larger center display. For example, a MacRumors Forums member noticed the change in a Toyota Tundra with a...
Apple One allows you to subscribe to up to six Apple services for one discounted monthly price. There are three Apple One tiers: Individual, Family, and Premier.
Over the last month, the highest-end Apple One Premier plan has gained two additional perks.
Here is what Apple One Premier already included, for $37.95 per month:Apple Music
Apple TV+
Apple Arcade
Apple News+
Apple Fitness+...
Despite being released over two years ago, Apple's AirPods Pro 2 continue to dominate the wireless earbud market. However, with the AirPods Pro 3 expected to launch in 2025, anyone thinking of buying Apple's premium earbuds may be wondering if the next generation is worth holding out for.
Apart from their audio and noise-canceling performance, which are generally regarded as excellent for...
Apple is set to release iOS 18.4 in early April, bringing further refinements to Apple Intelligence features, a neat new capability to iPhone 15 Pro devices, new emoji, and more.
While not quite as packed with new features as Apple's preceding iOS 18 point releases, iOS 18.4 still introduces enhancements that aim to make your iPhone smarter and more intuitive. Below, we've listed 12 new...
YouTuber iDeviceHelp on Friday posted a video that shows off mockups of Apple's forthcoming iPhone 17 models that are purportedly based on "internal documents." We're sharing the video here since it was made in collaboration with leaker Majin Bu, who last month published similar iPhone 17 renders that were widely corroborated by separate leakers with links to Apple's Chinese supply chain....
Apple employees are internally testing iOS 18.3.2 for iPhones, according to our website's visitor logs, which have been a reliable indicator of upcoming iOS versions. The software update should be released in the next week or two.
iOS 18.3.2 will be a minor update that addresses software bugs and/or security vulnerabilities. Don't expect any new features.
iOS 18.3.2 will be an interim...
iPhones are finally getting a much-requested setting, but availability is limited.
The upcoming iOS 18.4 update introduces an option to set a default navigation app, other than Apple Maps, but unfortunately this new setting is limited to users in the EU. There, you can now set an app like Google Maps or Waze as your default navigation app on the iPhone by opening the Settings app and tapping ...
Apple today released iOS 18.3.2 and iPadOS 18.3.2, minor updates for the iOS 18 and iPadOS 18 operating systems that came out last September. iOS 18.3.2 and iOS 18.3.2 come a month after Apple released iOS 18.3.1 and iPadOS 18.3.1.
The new software can be downloaded on eligible iPhones and iPads over-the-air by going to Settings > General > Software Update.
According to Apple's release...
