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November 25, 2024
Partner Mercedes Kelley Tunstall spoke with Bloomberg Law about the future of the Consumer Financial Protection Bureau's "larger participant rule" in an article, "Digital Pay Rule Ranks Low for GOP Repeal as Big Tech Eyes Suit," published on November 22.
The CFPB's "larger participant rule," which still faces potential legal challenges before it will take effect, calls for digital payment companies that process over 50 million transactions per year to be regulated more like big banks. Trade groups representing digital payment providers already plan to fight against this rule, and Republican opponents in Congress may sit back and let industry take the lead in challenging it. According to Mercedes, a Trump-appointed director could simply let the larger participant rule linger without taking any action.
“It could be that the Republican appointee to the CFPB, the director, could just say this is not a priority to supervise,” Mercedes said.
Read the full article here.
