CFPB Proposes Oversight of Venmo, Cash App and Other Large Fintech Payment Apps
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CFPB proposes overseeing large nonbank payment providers like Venmo and Cash App to ensure compliance with consumer finance laws.
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Proposal would allow CFPB to monitor "general-use digital consumer payment applications".
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Some cryptocurrency transactions would be included in CFPB's definition of "funds".
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Focused on large tech companies providing financial services, not individuals buying/selling crypto.
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Seeking public feedback on the proposal via email and regulations.gov.