On Tuesday the Consumer Financial Protection Bureau (CFPB,) announced that they are proposing changes to rules that will effect the oversight of companies that take digital payments.  If these rules are adopted companies such as Google, Apple, Paypal, and block’s (cash app) will have more consistent regulations with banks and credit unions. These new rules are designed to give consumers more safe guards and protections for those that are using digital wallets and making payments with apps.

“For a healthy, innovative, and competitive financial services ecosystem to function, consumers need to know that they are protected equally, regardless of who they do business with to meet their financial needs,” said CBA President and CEO Lindsey Johnson.

We at Penny Forward thought this to be of great interest to our community as many of us use many of these payment processors on a regular basis. We like to share funds for Uber rides or other events using these methods, as paper currency is not yet accessible for us. There has been news lately in the financial circles about how these payment systems hold your money in limbo and you are not able to have the protections you would have in a regulated bank. We hope the changes are adopted and we can be more confident with using digital wallets.

Read more…

If you would like to read more about this information and the proposed changes please visit the CFPB article about this. You can find the link below…

https://www.consumerfinance.gov/about-us/newsroom/cfpb-proposes-new-federal-oversight-of-big-tech-companies-and-other-providers-of-digital-wallets-and-payment-apps/