CFPB finalizes rules for large non-bank companies offering digital payment services, but cryptocurrencies are not covered

The U.S. Consumer Financial Protection Bureau (CFPB) has finalized a rule giving the agency the ability to regulate "large non-bank companies," but specifically excludes cryptocurrencies. The agency, which oversees consumer financial markets, finalized the rule on Thursday titled "Defining Larger Participants in the General Purpose Digital Consumer Payment Application Market." The rule, originally proposed last November, seeks to give the CFPB the ability to regulate "larger non-bank companies" that own services such as digital wallets and payment apps. According to the CFPB, the rule requires non-bank financial companies that process more than 50 million transactions per year to follow the same rules as large banks and credit unions. (The Block)