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NewsBriefs
This article contains excerpts from news stories recently posted under The proposal aims to enhance consumer protection and
Breaking Industry News on our homepage. For links to these and other consistency in the industry, addressing concerns about
full news stories, please visit www.greensheet.com/breakingnews. Big Tech's influence on financial products and consumer
php. privacy.
It also seeks to prevent conflicts of interest, promote fair
competition and restore regulatory parity in the market-
place. CFPB Director Rohit Chopra emphasized the im-
portance of regulating digital payment systems to protect
consumers, particularly those with lower incomes.
Tech leaders open to CFPB app oversight New merchant group lobbies against CCCA
The Consumer Financial Protection Bureau (CFPB) pro- The Credit Card Competition Act (CCCA) has garnered
posed a rule to subject large nonbank digital wallet and support from various merchants and their lobbying
payment app providers to the same supervisory process groups, such as the National Retail Federation and the Na-
as banks. This move is primarily driven by the growth tional Association of Convenience Stores.
of digital payment apps, often associated with Big Tech,
which were previously exempt from CFPB examinations. However, the Small Business Payments Alliance, repre-
senting small business owners and tradespeople, opposes
The rule targets nonbank financial companies handling the legislation. They argue that credit card payments offer
over 5 million transactions annually, ensuring they ad- essential benefits to small businesses, including customer
here to the same regulations as banks and other financial convenience, transaction security and rewards that can be
institutions. The CFPB's request for comments is open un- reinvested.
til Jan. 8, 2024, with mostly positive responses from fintech
and financial sectors. The SBPA contends that the CCCA poses a direct threat
to the electronic payments system, as it mandates govern-
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