Browsing: Mobile payments

Newsbytes CFPB proposes to supervise nonbank payment providers

The CFPB has taken steps to regulate large nonbank firms that provide digital payments services, including P2P payments, mobile wallets, and other payment apps, proposing a new rule that would establish its supervisory authority over certain nonbank covered persons participating in a market for “general-use digital consumer payment applications.”.

Newsbytes ABA to policymakers: Don’t undermine private-sector payments innovation

In a statement for the record of a House Financial Services Committee task force hearing, ABA urged lawmakers to “remain vigilant and deliberate” in their policymaking to ensure that regulations support innovation in mobile banking and payments, rather than overregulating or replacing private sector innovators.


Ninety-nine percent of respondents in a recent American Bankers Association/Morning Consult survey rated their bank’s online and mobile app experience as “good,” “very good” or “excellent,” matching last year’s record, and 81% agreed that technological improvements by banks are making it easier for all Americans to access their financial services.

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