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
things:

  • 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;
    and
  • descriptions of their consumer protections in place, including
    disclosures about data practices and the monitoring of fraudulent
    activity in their products.

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