Big tech companies challenge CFPB's attempt to police them

Big tech companies challenge CFPB's attempt to police them
americanbanker.com

by Penny Crosman • 14 days ago

Tech trade groups TechNet and NetChoice have filed a lawsuit against the Consumer Financial Protection Bureau (CFPB), claiming it overstepped its authority in regulating nonbank tech companies offering financial services. The CFPB's new rule allows oversight of firms processing over 50 million consumer payment transactions annually. The groups argue the CFPB failed to assess risks and conduct a proper cost-benefit analysis, potentially stifling innovation in the financial technology sector.

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