Bank-like Supervision for Big Tech? A Look at the CFPB’s “Larger Participant” Rule

The CFPB’s proposed rulemaking on digital wallets and payment apps would bring new regulatory supervision and compliance obligations to technology companies. RegFi co-hosts Jerry Buckley, Sasha Leonhardt, Sherry Safchuk and Caroline Stapleton delve into the rule’s complexities and implications for large participants in the digital payment space. The conversation begins with an overview of the Bureau’s motivation and statutory authority for promulgating this rule before discussing the rule’s substance, potential challenges for covered entities and the public comments received in advance of the January 8th deadline.

Links:

• Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications (CFPB)
• CFPB Takes Next Step in Its Big Tech Regulatory Strategy (Orrick Insight)
• Orrick Financial & Fintech Advisory
• RegFiPodcast.com