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CFPB RIN: 3170-AB17 Publication ID: Fall 2024 
Title: Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications 
Abstract:

 Under section 1024 of the Consumer Financial Protection Act (CFPA), the CFPB is authorized to supervise certain nonbank covered persons for compliance with federal consumer financial laws and for other purposes. Under section 1024(a)(1)(B) of the CFPA, for certain markets, the supervision program generally will apply only to "larger participant[s]" of these markets as defined by rule. The CFPB has previously defined larger participants in several markets and has released a proposed rule to define larger participants in a market for general-use digital consumer payment applications. The market encompasses nonbank providers of funds transfer and wallet functionalities through digital applications for consumers’ general use in making payments to other persons for personal, family, or household purposes that meet the larger participant test. Under the proposal, larger participants of this market would be subject to the CFPB’s supervisory authority under the CFPA.

 
Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: 12 CFR 1090   
Legal Authority: 12 U.S.C. 5514(a)(1)(B)    12 U.S.C. 5514(a)(2)    12 U.S.C. 5512(b)(1)    12 U.S.C. 5514(b)(7)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  11/17/2023  88 FR 80197   
Comment Period End  01/08/2024 
Final Rule  12/00/2024 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: Undetermined 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Christopher Young
Office of Supervision Policy
Consumer Financial Protection Bureau
Washington, DC 20552
Phone:202 435-7555