Fintech trade groups said the Consumer Financial Protection Bureau needs to provide more clarity about who would be covered by the agency’s proposal to subject digital payments companies to direct supervision.
The CFPB’s proposal for agency examiners to review operations at the 17 largest online payments and digital wallet operators contains contradictions that would result in some companies being subject to agency exams, while excluding other businesses with nearly identical services, industry trade groups said in a Thursday letter. The groups asked for an additional 30 days to comment on the proposal.
“The proposal fails to make clear which ...