CFPB expands oversight of digital payments services including Apple Pay and Cash App

The Consumer Financial Protection Bureau (CFPB) has recently decided to extend its supervision to certain digital payment service providers, including popular platforms such as Apple Pay and Cash App. The goal will be to monitor these platforms more closely to prevent any potential consumer-related issues.

Some potential issues include fraudulent transactions, unauthorized access to user’s accounts, data and privacy concerns, and other risks related to digital financial transactions.

Expanded oversight will also allow the CFPB to ensure that these companies are in compliance with federal consumer