CFPB Orders Info on Big Tech Payment Systems

The Consumer Financial Protection Bureau sent orders Thursday to Amazon, Apple, Facebook, Google, PayPal and Square seeking information on U.S. payment systems. “Big Tech companies are eagerly expanding their empires to gain greater control and insight into our spending habits,” said CFPB Director Rohit Chopra, who recently left the FTC. “We have ordered them to produce information about their business plans and practices.” The orders were issued under CFPB Act Section 1022(c)(4). The agency also plans to examine payment system practices of Chinese companies Alipay and WeChat Pay. The Electronic Transactions Association said in a statement it looks forward to working with Chopra on the effort and “has a good story to tell” about protecting consumer data. “One of the hallmarks of the digital transactions industry is protection of consumer data,” said ETA CEO Jodie Kelley. “From encryption to tokenization, we devote enormous resources to keeping digital transactions secure.”