CFPB - Consumer Financial Protection Bureau
11/21/2024 | Press release | Distributed by Public on 11/21/2024 06:13
Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications
The Consumer Financial Protection Bureau (CFPB) is issuing a final rule to define larger participants of a market for general-use digital consumer payment applications. Larger participants of this market will be subject to the CFPB's supervisory authority under the Consumer Financial Protection Act (CFPA). A nonbank covered person qualifies as a larger participant if it (1) facilitates an annual covered consumer payment transaction volume of at least 50 million transactions as defined in the rule; and (2) is not a small business concern.
Final rule