Yes, that’s correct. The Consumer Financial Protection Bureau (CFPB) in the US has decided to expand its oversight over digital payment platforms like Apple Pay, Cash App, and others. This measure is aimed to ensure that these platforms follow set rules and regulations pertaining to fraudulent activities and consumer protections. CFPB is focusing on digital platforms due to their growing importance in the financial sphere and also the involvement of substantial consumer funds. The aim of this supervision is to ensure that these platforms carry out their functions in a manner that is fair, transparent, and compliant with the law. It means the bureau will have the authority to routinely examine the operations of these companies, an authority it previously only had over large banks and credit card companies.
