Media Contact: Lisa McDonald, Vice President of Communications, 202-207-2829  

Washington, DC – The National Consumers League (NCL) is calling on lawmakers to vote in favor of maintaining the Consumer Financial Protection Bureau’s (CFPB) larger participants rule, which establishes much-needed oversight of companies that offer services like digital wallets and payment apps—such as Zelle and Apple Pay—and ensures they are properly regulated. The rule protects consumers, making sure that all forms of payment, whether provided by traditional banks or nonbank companies, are secure and trustworthy.   

“Fraud continues to be a major financial burden on consumers, stealing an estimated $158 billion annually from American families,” said John Breyault, NCL’s Vice President of Public Policy, Telecommunications, and Fraud. “Unfortunately, Congress is considering weakening protections for digital wallets and payment apps—platforms that are often used to perpetrate fraud. While the current Administration talks about reducing fraud, its actions are instead shifting the financial burden onto hard-working Americans.”   

As more Americans use digital payment apps and wallets, complaints about fraud and unauthorized charges have skyrocketed. The CFPB’s rule will help strengthen consumer protections and ensure that these financial products adhere to privacy laws, ultimately safeguarding the public from emerging threats in the digital payment space.   

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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.