<ul><li>Two technology trade groups, NetChoice and TechNet, have filed a lawsuit against the U.S. CFPB to block a new rule granting supervisory power over payment apps and digital wallets.</li><li>The groups argue that the CFPB lacks the authority to regulate non-bank entities offering consumer financial services through products like Apple Wallet, Google Pay, and Venmo.</li><li>The CFPB failed to demonstrate any consumer risks or gaps in regulatory oversight justifying the rule, according to the complaint filed in federal court.</li><li>The trade groups believe the rule is an unlawful power grab that could hinder innovation, reduce competition, and increase prices.</li></ul>

Tech groups sue U.S. CFPB to block rule on Apple Pay, Apple Wallet, and other payment apps, digital wallets

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