A U.S. watchdog's plan to supervise companies like Apple and Alphabet's Google that provide digital wallets and payment apps risks stifling innovation and keeping some players out of the market, their lobby group said on Monday. The warnings from the Computer & Communications Industry Association (CCIA) – whose members also include Amazon, Facebook parent Meta and X, formerly known as Twitter – responded to a proposal in November by the U.S. Consumer Financial Protection Bureau (CFPB), which said tech giants' smartphone payments and wallets services rivaled traditional payment methods but lacked the same consumer safeguards. The CFPB proposal, which has yet to be finalized, would subject such companies to the same kind of supervision currently imposed on banks, with agency examiners inspecting compliance with laws on unfair or deceptive practices and privacy protections, as well as scrutinizing executives' conduct.
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