Two questions about large technology firms’ penalty practices and acceptable use policies are out for comment until Dec. 7 as part of the consumer financial protection agency’s inquiry launched in October 2021.
The Consumer Financial Protection Bureau’s (CFPB) said its re-opening of the comment period is intended to “provide additional opportunity for the public to prepare comments related to this inquiry and to comment on the additional questions.”
Last October, the bureau ordered six technology platforms offering payment services – Google, Apple, Facebook, Amazon, Square, and PayPal – to turn over information about their products, plans and practices related to payments. The bureau also said it would also study the practices of the Chinese tech giants that offer payments services, such as WeChat Pay and Alipay. The CFPB also invited comments from the public.
The bureau is now adding two questions to its inquiry and providing members of the public another opportunity to comment. The questions, provided in a Federal Register notice Monday, are:
- What fees, fines, or other penalties do large technology companies assess on users of their payment platforms, including for:
a. Purported violations of the technology companies’ acceptable use policies; or
b. Any other conduct? - Do the acceptable use policies for technology companies’ payment platforms include provisions that can restrict access to their platforms? If so, under what circumstances can the technology companies restrict access to their platforms?
Reg lookup: Notice and Request for Comment Regarding the CFPB’s Inquiry Into Big Tech Payment Platforms