CBA (ASX:CBA) share price wobbles amid regulatory confusion over Apple

Regulators are reportedly confused about who's meant to hold Apple to account…

| More on:
A man scratches his head in confusion., indicating mixed share price movement on the ASX

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Commonwealth Bank of Australia (ASX: CBA) share price is struggling today and it seems regulators are as well.

The Commonwealth Bank is among a number of bodies worried about the foray into the financial system of Apple Inc (NASDAQ: APPL) and Alphabet Inc's (NASDAQ: GOOGL) Google.

However, as the Australian Financial Review reports, regulators are arguing about who should be in charge of looking into international tech giants' position in the financial sector.

Right now, the CBA share price is in the green by 0.06%, trading for $99.36. However, it's been seesawing since the market opened this morning.

Let's take a look at CBA's newly born campaign against Apple's payments system.

Who's meant to regulate Apple and Google?

The CBA share price is wobbling while Australia's regulators reportedly pass the potato on holding Apple and Google to account.

According to the Australian Financial Review, the Reserve Bank of Australia, the Australian Competition and Consumer Commission (ACCC), the Australian Prudential Regulation Authority (APRA), and the Australian Securities and Investments Commission (ASIC) have all shirked responsibility for the time being.

Commonwealth Bank's CEO Matt Comyn brought the issue up at a parliamentary joint committee on corporations and financial services on Tuesday.

He said Apple Pay accounts for 80% of iPhone 'tap and go' payments. The payments are processed by banks but the banks have no access to an iPhone's near field communication (NFC) abilities.

This apparently means Apple has cemented itself as the sole provider of 'tap and go' payments. It also means banks' apps are less useful than they could otherwise be.

Apple also communicated with the committee. Unsurprisingly, it disagreed with Comyn's statements and claimed its Apple Wallet feature encouraged competition.

The Australian Financial Review reported the Australian Treasury has received a report on the matter.

APRA and ASIC are said to be waiting until the report is made public before deciding on regulatory directions.

CBA share price snapshot

Despite today's wobbles, the CBA share price has been performing well lately.

It has gained 18% year to date. It is also 36% higher than it was this time last year.

Should you invest $1,000 in Electro Optic Systems Holdings Limited right now?

Before you buy Electro Optic Systems Holdings Limited shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Electro Optic Systems Holdings Limited wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Alphabet (A shares), Alphabet (C shares), and Apple. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), and Apple. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Bank Shares

A woman works on her desktop and tablet, having a win with crypto.
Bank Shares

Should new investors spend their first $5,000 on the big 4 banks?

New to investing? You might be considering one of Australia’s major banks as your first investment. 

Read more »

Woman calculating dividends on calculator and working on a laptop.
Bank Shares

Buying the dip: $10,000 invested in Westpac and CBA shares at April's lows is now worth…

Investors would have done well to follow Warren Buffett’s advice to be greedy on Westpac and CBA shares in early…

Read more »

Lines of codes and graphs in the background with woman looking at laptop trying to understand the data.
Earnings Results

Westpac share price sinks on half-year results miss

Let's see how the big four bank performed during the first half.

Read more »

A man sits in deep thought with a pen held to his lips as he ponders his computer screen with a laptop open next to him on his desk in a home office environment.
Bank Shares

Why does Macquarie think the big 4 ASX bank shares are 'on borrowed time'?

With Australian interest rates likely to fall, the banks face compressed margins in the medium term.

Read more »

Bank building in a financial district.
Bank Shares

What happened with the big four ASX 200 bank stocks in April?

CBA led the charge among the ASX 200 bank stocks in April. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Bank Shares

Why did CBA shares jump over 10% in April?

It was a great month for owners of this banking giant's shares.

Read more »

Happy young woman saving money in a piggy bank.
Bank Shares

Which big 4 ASX bank share does Macquarie currently prefer?

Here’s why Macquarie likes this bank the most.

Read more »

Bank building with word Bank on it.
Bank Shares

ASX bank shares outperformed in April. Will this continue according to Macquarie?

What drove the strong performance by banks in April?

Read more »