Finance & markets · 10/12/2024

Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications

The Consumer Financial Protection Bureau (CFPB) has issued a rule defining larger participants in the market for general-use digital consumer payment applications, which will be subject to the CFPB's supervisory authority under the Consumer Financial Protection Act (CFPA). These larger participants must facilitate at least 50 million annual covered consumer payment transactions and not be small business concerns.