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Digital Payments Need Safeguards, Too

WASHINGTON, D.C. – The U.S. Consumer Financial Protection Bureau today proposed to supervise larger nonbank companies that offer services like digital wallets and payment apps. Emily Peterson-Cassin, digital policy advocate for Public Citizen, released the following statement:

“Digital payments operated outside the traditional banking system can be beguilingly convenient and attractive to communities with histories of discrimination from banks. But consumers deserve sensible safeguards for when things go amiss. People shouldn’t be forced to depend on the kindness of Big Tech.”