←back to thread

Apple will now be treated like a bank

(9to5mac.com)
105 points mgh2 | 3 comments | 22 Nov 24 06:06 UTC | HN request time: 0.629s | source
Show context
Animats ◴[22 Nov 24 07:39 UTC] No.42211888[source]▶
It's not about Apple. It's Apple, Google and Amazon, PayPal, Block, Venmo and Zelle.[1] Everybody with over 50,000,000 transactions annually gets CFPB oversight. Actual rule: [2]

This doesn't really do much. It creates no consumer rights. It does give CFPB examiners the power to examine records and interview people. It means that numbers such as how many PayPal customers have complaints will be looked at. Bank examiners look at error rates, fraud losses, unresolved complaints, and such. The effect will probably be that some of the big players with weak customer service will have to get their act together.

[1] https://www.consumerfinance.gov/about-us/newsroom/cfpb-final...

[2] https://files.consumerfinance.gov/f/documents/cfpb_final-rul...

replies(7): >>42211918 #>>42211938 #>>42212047 #>>42212051 #>>42212184 #>>42213535 #>>42217641 #
1. justinclift ◴[22 Nov 24 07:46 UTC] No.42211918[source]▶
> The effect will probably be that some of the big players with weak customer service will have to get their act together.

Heh, if PayPal ever gets rid of its reputation for dodgyness, and it also provides reasonable customer service, then it might because a decent option.

replies(1): >>42212306 #
2. latexr ◴[22 Nov 24 09:12 UTC] No.42212306[source]▶
> if PayPal ever gets rid of its reputation for dodgyness

First they’d have to stop doing dodgy things. But they just keep doing more.

https://wasnever.cool/@schmutzie/113222747933501630

replies(1): >>42212982 #
3. justinclift ◴[22 Nov 24 11:37 UTC] No.42212982[source]▶
Yeah, I don't personally reckon it's going to happen any time soon either.