CFPB finalizes rules for large non-bank companies offering digital payment services, but cryptocurrencies are not covered

Odaily News The U.S. Consumer Financial Protection Bureau (CFPB) has finalized a rule giving the agency the ability to regulate “large non-bank companies,” but specifically excludes cryptocurrencies. The agency, which oversees consumer financial markets, finalized the rule on Thursday titled “Defining Larger Participants in the Market for General-Purpose Digital Consumer Payment Applications.” The rule, originally proposed last November, seeks to give the CFPB the ability to regulate “larger non-bank companies” that own services such as digital wallets and payment apps. According to the CFPB, the rule requires non-bank financial companies that process more than 50 million transactions per year to follow the same rules as large banks and credit unions. (The Block)