PANews reported on January 17 that two major technology trade groups, NetChoice and TechNet, filed a lawsuit with the U.S. Consumer Financial Protection Bureau (CFPB) in an attempt to block the implementation of a new rule for large non-bank payment apps and digital wallets. The rule applies to companies with at least 50 million transactions per year, including products such as Apple Wallet, Google Pay and Venmo.

The lawsuit said the CFPB failed to prove that the rule addressed specific consumer risks and accused it of being an "illegal expansion of power" that could stifle innovation, reduce competition and increase costs. It is unclear whether Trump's incoming administration or the Republican-controlled Congress will try to modify or repeal the rule.