New rules will let the CFPB supervise Apple Pay and other major players to protect consumers from fraud, privacy breaches, and surprise closures. Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps,

The top US consumer watchdog will supervise Apple Inc. and other major technology firms that offer digital wallets and payment apps, finalizing a proposal from last year with several changes.

Apple Pay faces CFPB regulation, bringing stricter oversight to mobile wallets as federal watchdogs aim to ensure fairness and consumer protections.

The new rule is meant to ensure digital payment providers adhere to the same laws as credit unions and large banks. It will give the CFPB the authority to oversee their compliance

Apple’s financial services will soon be regulated by US officials in the same way as banks and other financial institutions, as the government’s financial protection watchdog gains oversight of all fintech companies offering digital wallets like Apple Pay.

Regulatory supervision will involve detailed scrutiny to ensure compliance with federal law, a process banks routinely undergo.

The CFPB announced that digital payment platforms processing over 50 million transactions annually will face federal supervision 30 days after publication in the Federal Register. Apple Pay is a widely used U.