The top US consumer finance regulator is seeking new powers to oversee technology companies that offer digital wallets and payment applications, in a move that would intensify scrutiny over companies such as Google and Apple.

The proposal issued by the Consumer Financial Protection Bureau on Tuesday would subject non-bank companies that offer digital payments to a regulatory scheme similar to that for banks or credit unions.

Consumer Finance Protection Bureau wants to regulate Venmo, Apple Cash like banks comes via ChinaTechNews.com.