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Major digital payment providers will soon be subject to bank-like supervision from the US\u00a0Consumer Financial Protection Bureau (CFPB). On Thursday, the CFPB issued a final rule<\/a> that will regulate digital payment apps that process over 50 million transactions each year, covering services like Apple Pay, Google Wallet, PayPal, Cash App, and others.<\/p>\n<\/div>\n The new rule is meant to ensure digital payment providers adhere to the same laws as credit unions and large banks. It will give the CFPB the authority to oversee their compliance with federal laws surrounding privacy, fraud, and other rules through \u201cproactive examinations.\u201d This follows the CFPB\u2019s initial proposal<\/a> to regulate digital payment providers last year, which would\u2019ve covered a wider swath of companies processing more than 5 million transactions a year.<\/p>\n<\/div>\n Now, the CFPB estimates that the most popular apps included under the rule cumulatively handle more than 13 billion transactions per year. \u201cDigital payments have gone from novelty to necessity and our oversight must reflect this reality,\u201d CFPB Director Rohit Chopra said in the announcement. \u201cThe rule will help to protect consumer privacy, guard against fraud, and prevent illegal account closures.\u201d<\/p>\n<\/div>\n