Media contact: National Consumers League – Lisa McDonald, lisam@nclnet.org, 202-207-2829

WASHINGTON, DC–Today, the Consumer Financial Protection Bureau finalized its larger participant rulemaking, allowing the Bureau to better ensure that payment app companies are complying with federal consumer protection law. As the use of payment apps has exploded over the past decade, CFPB oversight is critical to ensuring that consumers using these apps are receiving the full care and protections they are legally entitled to, including safeguards around payment errors, peer-to-peer fraud, and corporate surveillance.  

“As our financial system evolves, it’s important that regulators keep up. Director Chopra and CFPB staff have done invaluable work over the past three years to ensure that payment facilitators follow the law, even as the technology advances,” said NCL Vice President of Public Policy, Telecommunications, and Fraud John Breyault. “The final rule announced today will help better protect the millions of consumers who use digital wallets and payment apps every day.” 

Additional reading:

• Consumer coalition comments on the CFPB’s proposed larger participant rulemaking for payment apps 

• NCL applauds Supreme Court for siding with consumer protection in upholding CFPB’s constitutionality 

• NCL supports CFPB’s proposal to remove medical debt from credit reports 

• NCL applauds decisive action by CFPB against fraudulent payments processor 

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About the National Consumers League (NCL) 

The National Consumers League, founded in 1899, is America’s pioneer consumer organization. Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad. For more information, visit www.nclnet.org.