Naked Capitalism has the post Has Apple Pay Just Put Apple in the CFPB’s Crosshairs?

…Apple’s newly announced Apple Pay service puts Apple under the CFPB’s jurisdiction but[sic] virtue of having made itself a regulated financial institution. And Levitin means all of Apple’s consumer services, not just Apple Pay. He believes that Apple is now a “service provider” under the Consumer Financial Protection Act. That makes Apple subject to CFPB examination and UDAAP.

What, say you, is UDAAP? UDAAP stands for “unfair, deceptive, or abusive acts and practices”. UDAAP is the CFPB’s most feared power.

Chalk up another win for Elizabeth Warren.  Somebody has to put the brakes on Apple taking over everything.  As Microsoft’s evil empire declines, there is Apple ready to move in.