According to Cointelegraph, the U.S. Consumer Financial Protection Bureau (CFPB) has proposed a rule that would allow it to regulate large non-bank digital wallets and application providers. The rule is part of the agency's expanded regulatory scope, which has expanded to areas such as consumer reporting, consumer debt collection, student loan services, international remittances, and auto financing. The rule will expand its regulatory responsibilities in deposit institutions such as banks and credit unions. The rule will apply to companies that process more than 5 million transactions per year, such as PayPal, Apple, Amazon, Google, and Meta. The CFPB said: "Large technology companies and other companies operating in the consumer financial market blur the traditional boundaries between banking and payment and commercial activities. The CFPB has found that this blurring may pose risks to consumers." CFPB Director Rohit Chopra said the rule "will combat one avenue of regulatory arbitrage." According to the agency, digital applications have at least as many users as credit and debit card users, but currently lack protections such as deposit insurance and privacy and consumer rights protection. The CFPB already has enforcement powers over technology companies, but the rule will expand its regulatory responsibilities.

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