McHenry Slams CFPB Digital Payments Proposed Rule

Statement

"Digital payment applications are used by consumers every day. Congress and regulators must work toward a regulatory environment that embraces innovation in our payments system. The action announced by Director Chopra today is a step in the wrong direction. Consistent with the Bureau's track record, this proposed rule will only entrench the status quo by impeding the adoption and development of innovative products and services. This paired with Director Chopra's recent actions will only limit nonbanks' ability to offer products and services consumers and small businesses rely on--eliminating choice and competition in our payments system. The CFPB is once again stretching its supervisory authority to the detriment of the consumers the agency was created to protect."

Source