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Some digital table service search like banks and dissemble like bank , but are n’t banks — meaning they can , for instance , shut down your account without bill . Or be hard to contact when you want to dispute fraud .
This is about to change : the U.S. Consumer Financial Protection Bureau ( CFPB ) has just ruledthat all digital services that handle a significant number of transactions should be capable to bank - like superintendence . The government agency will gain new power around incorrect proceedings , fraudulent activity , datum privacy , and more .
Who will be subject to the newfangled rule ? Quite a few troupe , as the CFPB is point payment notecase and money transport apps that care more than 50 million transaction per year . Which means Apple Pay , Cash App , Google Pay , PayPal , Venmo …
While a pregnant modification , the unexampled ruler wo n’t mark the conclusion of crypto scams on societal networks as the CFPB has decided to circumscribe its scope to transactions conducted in USD .
