On January 8th, Consumer Federation of America (CFA) and four of its national partners submitted a comment to the Consumer Financial Protection Bureau (CFPB), applauding the Bureau for taking the step to define larger participants in payment apps and digital wallets for the purposes of initiating supervisory activities.

The groups further urged the CFPB to expand supervision to other large non-bank companies that offer similar payment services access through debit cards, prepaid cards, or in person. The comment included specific requests to ensure supervision extends to larger participants in correctional payments services and government benefit cards markets.

The CFPB should move forward expeditiously, as it is vital to ensure payment apps and digital wallets operate under the same rules as traditional payment systems.