Big Tech companies and popular apps now control more and more of the consumer payments system. Today, the Consumer Financial Protection Bureau proposed a rule to subject the biggest players to similar inspections currently required of banks. Many payment platforms embed their technology in mobile devices that gives them the power to surveil and censor. The Consumer Financial Protection Bureau is proposing enhanced oversight to ensure that they are following the law when it comes to privacy, fraud, and more. Earlier this year, we issued a national consumer advisory to warn the public that funds stored in popular payment apps may not be insured and could lose their value in the event of a failure. https://lnkd.in/eCAqS4N5 We also issued a detailed analysis on the regulations that Apple and Google impose when it comes to using the “tap-to-pay” feature on their mobile device. https://lnkd.in/eMirGkdC