NetChoice and TechNet Challenge CFPB’s Controversial Regulation on Digital Payment Apps: What It Means for Consumers and Innovation
The recent move by the Consumer Financial Protection Bureau (CFPB) to treat digital payment apps like banks has stirred up quite the controversy. Trade associations NetChoice and TechNet have stepped into the ring, filing a lawsuit that questions the legitimacy of such regulation. As these apps—think Apple Pay, Google Wallet, PayPal, Venmo, and CashApp—handle a…