Apple Pay Could Unwittingly Be A Regulated Financial Firm

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...