The Consumer Financial Protection Bureau (CFPB) has finalized a new rule that will bring Apple Pay and other major digital wallet services under

The new rule is meant to ensure digital payment providers adhere to the same laws as credit unions and large banks. It will give the CFPB the authority to oversee their compliance

The top US consumer watchdog will supervise Apple Inc. and other major technology firms that offer digital wallets and payment apps, finalizing a proposal from last year with several changes.

Apple’s financial services will soon be regulated by US officials in the same way as banks and other financial institutions, as the government’s financial protection watchdog gains oversight of all fintech companies offering digital wallets like Apple Pay.

Some digital services look like banks and act like banks, but aren’t banks -- meaning they can, for instance, close down your account without notice. Or

As regulation threatens to tear Google apart and fundamentally both damage both Android and Apple, yet another regulatory noose is tightening around Cupertino, as its Apple Pay service will in future be regulated like a bank.

The CFPB’s new rule brings major digital payment apps like Apple Pay under federal supervision, addressing issues like fraud, privacy, and debanking to protect consumers.

The popularity of Apple Pay will now see the Cupertino company regulated by the US Consumer Financial Protection Bureau (CFPB),