Among the concerns highlighted by the Consumer Financial Protection Bureau is that consumers may not understand that most accounts are not covered by deposit insurance.
July 13, 2023 at 10:35 AM
6 minute read
Regulators cranking up scrutiny of digital-payment platforms after fund-access and customer service problems in recent years are now broadening their gaze into what happens if they collapse.
That’s placing additional pressure on these fintech platforms to improve customer disclosures and possibly even find new ways to backstop against potential insolvency.
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Cash App, one of the fast-growing payment apps, is owned by Square. (Credit: Ricky Of The World/Shutterstock.com)
