A US lobby group representing the interests of Big Tech firms has hit out at proposals by the Consumer Financial Protection Bureau to regulate tech giants such as Apple and Google that offer digital payment apps and wallets. In November, the Bureau published a proposed rule that would see non-bank financial companies that handle more than five million transactions per year face the same rules as large banks and credit unions. The rule would cover around 17 companies, most notably Google, Apple, PayPal and CashApp operator Block. These firms would have to adhere to applicable funds transfer, privacy, and other consumer protection…
