Digital Pay Rule Ranks Low for GOP Repeal as Big Tech Eyes Suit

A Consumer Financial Protection Bureau rule bringing Apple Inc., Alphabet Inc.'s Google, and other digital payment companies under agency supervision faces potential legal challenges before it takes effect, but congressional action to repeal it appears unlikely.

The CFPB’s “larger participant” rule calls for digital payment companies that process more than 50 million transactions each year to be regulated more like big banks. It would cover the seven largest companies in the market and around 98% of digital transactions, the agency said.

The rule, finalized Thursday, has the support of banks who want their big tech competitors brought under ...