Consumer Reports thanks the Consumer Financial Protection Bureau (CFPB) for the opportunity to provide comments on the proposed rulemaking and for the CFPB’s efforts to protect consumers through the supervision of consumer payment applications and digital wallets. Consumer payment applications are becoming ubiquitous in consumers’ financial lives, with more than nine out of ten consumers reporting to have used some form of digital payment in the past year. Consumer Reports strongly supports the CFPB’s proposal to supervise larger participants in the digital payments market and suggests ways to strengthen the rule.
Read CR’s comment letter.