What's in Your Wallet: the CFPB Goes after Digital Wallets and Payment Apps

The City Bar Task Force on Digital Technologies explores the implications of the Consumer Financial Protection Bureau (CFPB)'s proposed rule on digital wallets and payment apps. After a review of the CFPB's authoritative reach, its enforcement authority, and its coordination with other regulatory agencies, we dig into the proposed rule – what its key provisions are, how its comment period was decided upon, and how it determines which entities will be affected. The group, which includes former senior CFPB officials, also discuss how attorneys could advise their clients about the CFPB entry into this space. Tune in to hear more about: • The role and power of the CFPB • The CFPB’s rulemaking, supervision and enforcement authorities • Implications of the CFPB's proposed rule on digital wallets and payment apps • Lessons from previous CFPB supervision of larger participants Access a transcript of this episode here: https://bityl.co/N6zc