TechFlow news — On November 22, according to The Block, the U.S. Consumer Financial Protection Bureau (CFPB) finalized a rule granting the agency authority to oversee "large nonbank companies," while specifically excluding cryptocurrency. The agency, responsible for regulating consumer financial markets, completed on Thursday a rule titled “Defining Larger Participants in the General-Purpose Digital Consumer Payment Application Market.”
The rule, initially proposed last November, aims to empower the CFPB to supervise "larger nonbank companies" offering services such as digital wallets and payment applications.
According to the CFPB, the rule requires nonbank financial firms processing more than 50 million transactions annually to follow the same regulations as large banks and credit unions.
Notably, on Thursday, the CFPB stated it has narrowed its regulatory scope to "transactions conducted solely in U.S. dollars."
