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Apple will now be treated like a bank

(9to5mac.com)
105 points mgh2 | 5 comments | 22 Nov 24 06:06 UTC | HN request time: 0.621s | source
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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...

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1. ksec ◴[22 Nov 24 08:17 UTC] No.42212051[source]▶
I am thinking that would also include Stripe? Or is Stripe not consumer facing? Not that Apple is forced to open up NFC worldwide. I am wondering what would happen next? Surely Apple has incentive to own NFC transaction or something like Apple Cash.
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2. ◴[22 Nov 24 08:18 UTC] No.42212056[source]▶
3. Animats ◴[22 Nov 24 08:32 UTC] No.42212120[source]▶
Stripe is considered to be acting for a "sponsor bank", the one that handles the merchant's account. Stripe itself does not hold customer or merchant money.
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4. alberth ◴[22 Nov 24 08:33 UTC] No.42212128[source]▶
> major technology firms that offer digital wallets

I don’t think so.

Since I’m not aware of a Stripe Digital Wallet offering of theirs for money movement.

5. amelius ◴[22 Nov 24 11:06 UTC] No.42212823[source]▶
I could swear there was an article here years ago about Stripe getting the bank status.