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US and state agencies move to tighten regulation around financial transaction tech

Image of a phone showing a number of apps.
Photo: Leon Neal/Getty Images

Massachusetts tightens stance on money transmission, while the FTC amends its complaint against cash advance app Dave.

As cutting-edge technology continues to provide more ways in which residents of the Commonwealth can make financial transactions, US and state agencies deem it critical that laws are adapted and implemented to safeguard the new tools in order to protect consumers who transmit money through third-party applications.

Recent developments underscore