Why Washington wants to treat Apple and Google like big banks

A Washington watchdog wants to police Big Tech like it it does big banks, meaning greater scrutiny for popular mobile payment systems operated by Apple (AAPL) and Alphabet (GOOG, GOOGL).

A new rule proposed by the Consumer Financial Protection Bureau would require nonbank financial companies handling more than 5 million transactions per year to follow the same rules as giant lenders already supervised by the CFPB.…

This data comes from the ChinaPulse.com media intelligence and smart news insights monitoring platform.