On Nov. 7, 2023, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would, if finalized in its present form, establish the CFPB’s supervisory authority over certain “larger participant” nonbank companies that provide digital wallets and payment applications. The proposed rule, called the “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications” rule, again highlights the CFPB’s focus on the Big Tech and other non-bank payments companies that are now offering consumer financial products and services, and on the growing nexus between technology, commerce, and banking.
