CFPB Inquiry Into Big Tech Payment Platforms

Title: CFPB Inquiry Into Big Tech Payment Platforms
Subject: Payments/big tech
Agency: CFPB
Notice and request for comment

On October 21, 2021, the Consumer Financial Protection Bureau (Bureau or CFPB) ordered six large technology companies operating payments systems in the United States to provide information about certain of their business practices. The information will help the CFPB better understand how these firms use personal payments data and manage data access to users so the Bureau can ensure adequate consumer protection. Accompanying the orders, the Director of the Bureau issued a statement which is reprinted in this document for public review and comment. The Bureau invites any interested parties, including consumers, small businesses, advocates, financial institutions, investors, and experts in privacy, technology, and national security to submit comments to inform the agency’s inquiry.

FR Doc: 2021-24176
Date proposed: Oct. 21, 2021
Comments due date: Dec. 6, 2021
Effective date:

Rule compliance date:
Agency release:
Related Reg Report item(s):

CFPB seeks data from large payments system operators including Facebook, Amazon