U.S. technology groups sue CFPB over new rules for payment apps and digital wallets

Two major technology trade groups, NetChoice and TechNet, have filed a lawsuit with the U.S. Consumer Financial Protection Bureau (CFPB) in an attempt to block a new rule targeting large non-bank payment apps and digital wallets. The rule applies to companies with at least 50 million transactions a year, covering products such as Apple Wallet, Google Pay and Venmo. The lawsuit said the CFPB failed to prove that the rule addressed specific consumer risks and accused it of "illegal expansion of power" that could stifle innovation, reduce competition and drive up costs. It is unclear whether Trump's incoming administration or the Republican-controlled Congress will try to modify or repeal the rule. [Reuters]