Tech Giants Apple and Google Face Regulatory Scrutiny as Washington Considers Treating Them as Financial Institutions

The Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would subject popular mobile payment systems like Apple Pay and Google Pay to the same regulations as big banks, aiming to ensure compliance with consumer finance laws and privacy protections. The move is part of a larger crackdown on Big Tech by federal agencies, including antitrust lawsuits against Meta and Google. While banks support the rule, Republicans in Congress argue that it will impede innovation and hurt consumers. The CFPB's new rule is open for comment until January 8, with expectations of finalization in late spring.