TechNet, a national network of innovation economy leaders, has responded to the Consumer Financial Protection Bureau's (CFPB) final rule concerning large participants in digital payment markets. This new regulation grants the CFPB increased authority over these entities.

Carl Holshouser, TechNet's Executive Vice President, expressed concerns about the rule. "Technology helps Americans of all backgrounds manage their financial lives. The CFPB’s rule doesn’t benefit consumers or the market, but it would stifle fintech innovation," he stated. Holshouser criticized the rule for its broad approach and lack of specific consumer harm identification. He further commented that it positions the Bureau as a general technology regulator rather than focusing on financial matters.

TechNet is urging the CFPB to withdraw this rule and is considering various actions, including potential litigation if changes are not made.

Previously, TechNet had submitted comments on this proposed rule and Carl Holshouser testified before a U.S. House subcommittee regarding its implications.