That’s correct. The Consumer Financial Protection Bureau (CFPB) has recently announced that it would expand its oversight to include the digital payments services sector. The authority further stated that it recognizes this sector as playing a significant role in the financial lives of consumers, particularly during and after the COVID-19 pandemic. The CFPB will monitor these companies, such as Apple Pay and Cash App, to assess whether they comply with federal consumer financial law. They aim to ensure that customers are protected from any unfair, deceptive, or abusive acts or practices.
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