Consumer Financial Bureau Regulation
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- In October 2021, CFPB issued an order to Apple, Facebook, Google, and Amazon to compel them to turn over information on their payments systems.
- The CFPB raised antitrust concerns with Big Tech’s dive into payments and wanted to make sure the companies didn’t “squelch” smaller competitors.
- CFPB Director Rohit Chopra worried the US could become like China, where consumers have lost the ability to choose which payments app they use because Tech Giants AliPay and WeChat have established dominate payments networks and denied access to companies that might provide better or cheaper services.
- Chopra also worried that Big Tech would use their payments apps how Apple allegedly uses its App Store, charging higher commissions and fees to apps that try to compete with one of Apple’s apps.
- CFPB also asked Big Tech companies to provide information on how they share payments data with their subsidiaries and outside data brokers.
- Chopra worried Big Tech companies could engage in invasive financial surveillance and combine the data they collect on consumers with geolocation and browsing data.