Apple Pay Could Unwittingly Be A Regulated Financial Firm

Mark Melin

Published onSeptember 11, 2014

Updated on May 13, 2021

When Apple Inc. (NASDAQ:AAPL) announced its Apple Pay service, a payment method being touted as easier and more secure than standard credit card transactions, did Apple bit into a complicated regulatory mess?

Georgetown law professor Adam Levitin thinks so.

Apple Pay may have may have made the company a regulated financial institution

Levitin thinks Apple Inc. (NASDAQ:AAPL) may have unwittingly become a regulated financial institution. “Apple is now a ‘service provider’ for purposes of the Consumer Financial Protection Act, which means Apple is subject to CFPB examination and UDAAP,” he wrote on the blog Credit Slips.

The UDAAP is an...

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Mark Melin

Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.

Apple Pay Could Unwittingly Be A Regulated Financial Firm

Apple Pay may have may have made the company a regulated financial institution

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