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 an…