From Nasdaq:

A tech lobby group criticizes U.S. Consumer Financial Protection Bureau’s plan to regulate companies like Apple and Google, warning it could stifle innovation and limit market competition. Proposed regulations would subject 17 companies responsible for 13 billion payments annually to bank-like supervision, inciting a divisive response from bank industry representatives and tech lobbyists.CCIA’s head of regulatory policy, Krisztian Katona, pens a comment letter saying the proposal could do more harm than good. The letter cautions that overly burdensome regulations could significantly hinder new startups in the industry and improperly identifies non-bank digital providers and banks as direct competitors. The letter urges the CFPB to recognize the synergies between banks and nonbank entities that benefit consumers, providing complementary services.



Read more: Big Tech rebuffs US consumer watchdog plans to supervise digital wallets