Consumer Financial Protection Bureau (CFPB) orders tech giants to hand over data on payment systems

guest · Oct 21, 2021

Consumer Protection Agency orders US tech giants to hand over data on payment systems
The Consumer Financial Protection Bureau wants to make sure consumers are being protected
October 21, 2021
https://www.techspot.com/news/91881-consumer-protection-agency-orders-us-tech-giants-hand.html

What just happened? The Consumer Financial Protection Bureau (CFPB) has ordered several of the largest tech companies in the US to hand over information about how they use personal payments data and manage access to consumers’ payment information so the agency can ensure consumers are being adequately protected.

Request were initially sent to Apple, Amazon, Facebook, PayPal, Google and Square, the bureau said, and are pursuant to Section 1022(c)(4) of the Consumer Financial Protection Act.
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Specifically, the bureau believes the information will provide insight into data harvesting and monetization practices. It’s possible, for example, that some big tech companies could be sharing payment data across product lines or selling information to data brokers and other third parties to help with ad and behavior targeting.
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The Wall Street Journal reached out to each of the companies listed above. Spokespeople for Google, Amazon and Facebook declined to comment, while reps for Apple, PayPal and Square failed to respond to the request for comment before the publication’s deadline.

The bureau said it will also look into the payment system practices of several Chinese tech titans including WeChat Pay and Alipay.
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CFPB: CFPB Orders Tech Giants to Turn Over Information on their Payment System Plans

Orders will help CFPB monitor for data surveillance, access restrictions, and other consumer protection risks as payments technologies and markets evolve
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