CFPB Reopens Comment Period For Inquiry Into Big Tech Payment Platforms

Source: site

The CFPB reopened the comment period for an inquiry into
how Amazon, Apple, Facebook, Google, PayPal and Square use personal
payments data and manage data access. Comments from any party on
the inquiry into the technology companies must be submitted by
December 21, 2021.

As previously covered, under
Section 1022(c)(4)(B)(ii)
 of the Consumer Financial Protection Act, the CFPB
ordered the identified firms to file information on, among other

  • their payment products, data harvesting (i.e., data
    collected on consumers’ use of the product) and how the company
    monetizes product data;
  • access restrictions, consumer and commercial user eligibility,
    and product-use metrics, including the handling of complaints;
  • descriptions of their consumer protections in place, including
    disclosures about data practices and the monitoring of fraudulent
    activity in their products.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

POPULAR ARTICLES ON: Finance and Banking from United States

Tax Aspects Of Litigation FinanceCadwalader, Wickersham & Taft LLP 

Be sure to listen in to our upcoming podcast, “Tax Aspects of Litigation Finance” on Wednesday, December 8. Cadwalader partner Mark Howe and Phil Balzafiore