This regulator statement is getting echoed in Reuters, AP News, WaPo, Yahoo Finance, CNN, CNet, Fox Business, CNBC, CBS News, Money, Business Insider, etc.
This is exactly how popular law changes are announced as well. Do you argue that citizens/people should not be bothered to know the law?
For better or worse, US regulation's first line of defense against harm/scams is public information campaigning. It's not clear that the CFPB has any authority to regulate PayPal, Venmo, CashApp, etc for their current business practices. The specific alert described in the article is about helping consumers know the legal / financial differences between these convenient apps and regulated banks.
This is exactly how popular law changes are announced as well. Do you argue that citizens/people should not be bothered to know the law?
For better or worse, US regulation's first line of defense against harm/scams is public information campaigning. It's not clear that the CFPB has any authority to regulate PayPal, Venmo, CashApp, etc for their current business practices. The specific alert described in the article is about helping consumers know the legal / financial differences between these convenient apps and regulated banks.