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The U.S. consumer watchdog, not usually known to side with Wall Street lenders, has handed them a rare win by cracking down on Big Tech companies that are increasingly encroaching on banking turf. The Consumer Financial Protection Bureau (CFPB) last week proposed regulating payments and smartphone wallets provided by tech leaders like Apple and Google, arguing they now rival traditional bank services in scale and scope and should be subject to the same consumer safeguards. The long-anticipated move by CFPB Director Rohit Chopra, who built his career targeting Big Tech over privacy and competition issues, gives a competitive boost to lenders grappling with an onslaught of new rules from capital hikes and caps on debit and credit cards fees to tougher fair lending standards.

District of columbiaUnited statesPaige pidano paridonStephen nellisRichard changHannah langJohn colemanHerrington sutcliffeRohit chopraTodd phillipsGeorgia state universityConsumer financial protection bureauFederal reserveBank policy instituteWall streetBig tech