CFPB Looking to Extend Reach to Big Tech Through Payments Rule

The Consumer Financial Protection Bureau is eyeing direct oversight over the largest companies in the payments industry, including potentially Apple Inc. and Alphabet Inc.’s Google Pay service.

The CFPB said it’s working on a “larger participant rule” for nonbank companies in the consumer payments market, according to its latest regulatory agenda released Tuesday. Such a rule would allow the CFPB’s examiners to regularly review a big payment company’s books and records to confirm they’re in compliance with existing federal laws and regulations.

The regulatory agenda says a notice of proposed rulemaking could come as early as July. ...