Source: Tony Romm, Washington Post ( Paid Registration )

The Consumer Fiancial Protection Bureau is weighing whether to treat Apple, Google and PayPal-owned Venmo more like banks — and regularly inspect some of their operations — in a move meant to protect millions of Americans who now use their smartphones to pay at the register and send money to family and friends.

In practice, the CFPB would gain the ability to conduct on-site reviews at these companies and examine their private documents and communications, a form of monitoring — known as supervision — meant to ensure the stewards of Americans’ money have sound financial practices.

The CFPB has portrayed its proposal as a response to rising complaints from smartphone users, who say they struggle to resolve fraudulent charges, restore missing balances and address myriad other troubles with many popular digital payment services.

Read Full Article: Apple, Google & Venmo fight new plan to monitor payment apps