Apple, Google, Paypal To Face Federal Scrutiny Over Payment Practices
Portfolio Pulse from Benzinga Neuro
The Consumer Financial Protection Bureau (CFPB) has proposed a rule that would subject large nonbank consumer payment companies, including Apple Inc., Alphabet Inc., and PayPal Holdings Inc., to regular federal examinations. The move aims to ensure these companies comply with laws relating to unfair or deceptive practices and data privacy protections. The proposed rule targets companies that process over 5 million transactions annually.
November 08, 2023 | 3:57 am
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NEGATIVE IMPACT
Apple Inc. could face increased regulatory scrutiny due to the proposed rule by the CFPB.
The proposed rule by the CFPB could lead to increased regulatory scrutiny and potential penalties for non-compliance, which could negatively impact Apple's stock in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Alphabet Inc. could face increased regulatory scrutiny due to the proposed rule by the CFPB.
The proposed rule by the CFPB could lead to increased regulatory scrutiny and potential penalties for non-compliance, which could negatively impact Alphabet's stock in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
PayPal Holdings Inc. could face increased regulatory scrutiny due to the proposed rule by the CFPB.
The proposed rule by the CFPB could lead to increased regulatory scrutiny and potential penalties for non-compliance, which could negatively impact PayPal's stock in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100