Topic
Digital Wallet
26 published works
Consumer Finance Monitor
Republican lawmakers ask CFPB to reopen comment period on proposal to supervise nonbank providers of digital wallets and payment apps
By John L. Culhane, Jr., Kristen E. Larson, Ballard CFS Group
Patrick McHenry, the Republican Chair of the House Financial Services Committee, and two other Republican Committee members have sent a letter to Director Chopra regarding the CFPB’s proposed rule to…
Global Fintech & Digital Assets Blog
CFPB Proposes to Regulate Large Digital Wallet and Payment App Providers
The proposal would subject certain large non-bank companies offering wallet and payment services to federal regulatory oversight on par with banks and credit unions. By Jenny Cieplak, Parag Patel, Barrie…
The 21st Century Banker
Proposed CFPB Rule Could Subject “Big Tech” Companies to Enhanced Regulatory Scrutiny
By Daniel C. McKay, II, James W. Morrissey, Jennifer Durham King, Mark C. Svalina, Kelly Miller, Nicholas S. Zlevor
On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) proposed a rule that would allow the CFPB to supervise certain large nonbank companies that provide consumer financial services such…
Financial Services Observer
CFPB Unveils Plan to Supervise Big Tech Digital Wallet and Payment App Providers
By Timothy A. Butler, Marina Olman-Pal, Benjamin M. Saul, Andrew S. Wein, Matthew White, Tarrian L. Ellis, Zeba Pirani, Greenberg Traurig, LLP
On Nov. 7, 2023, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would, if finalized in its present form, establish the CFPB’s supervisory authority over certain “larger participant” nonbank…
Money Laundering Watch
CFPB Issues Proposal to Supervise Nonbank Providers of Digital Wallets and Payment Apps
By John Culhane, Ronald K. Vaske, Kristen E. Larson, Michael R. Guerrero, Michael Gordon
The CFPB has issued a proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.” Comments on the proposal are due by…
Consumer Finance Monitor
CFPB issues proposal to supervise nonbank providers of digital wallets and payment apps
By John L. Culhane, Jr., Ronald K. Vaske, Michael Gordon, Kristen E. Larson, Ballard CFS Group
The CFPB has issued a proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.” Comments on the proposal are…
Consumer Financial Services Law Monitor
Big Tech in the CFPB’s Crosshairs: Bureau Proposes to Supervise Larger Technology Companies Offering Digital Wallets and Payment Apps
By Keith J. Barnett, Carlin McCrory, Ethan G. Ostroff, Chris Willis, Seth A. Winter
On November 7, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule with request for public comment to amend existing regulations defining "larger participants" the CFPB supervises by adding…
Clio Blog
Digital Wallets for Lawyers: How to Accept Payment
By Emmyohiri
Digital wallets are rapidly growing in popularity. A recent Forbes report found that more than half of Americans (53%) now use digital wallets more frequently than traditional payment methods. Furthermore,…
Internet, IT & e-Discovery
Are you ready for Digital Wallets in the EU?
By Peter Vogel
BankInfoSecurity.com reported that “The latest development comes on the heels of a European Commission proposal Wednesday for a single currency, called the Digital Euro, that will be accepted across the…
Shufti Pro Blog
The Dark Side of Digital Wallets and the Role of Crypto Monitoring
Cybercriminals have recently exhibited a keen interest in crypto theft, in some circumstances going to the extremity of entering fake relationships to deceive a partner into fake investments. According to…