The Consumer Financial Protection Bureau has ordered Amazon, Apple, Facebook, Google, PayPal, and Square to turn over information on their payment system plans. The orders look like this.
The agency's press release begins this way:
Today, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to collect information on the business practices of large technology companies operating payments systems in the United States. The information will help the CFPB better understand how these firms use personal payments data and manage data access to users so the Bureau can ensure adequate consumer protection. “Big Tech companies are eagerly expanding their empires to gain greater control and insight into our spending habits,” said CFPB Director Rohit Chopra. “We have ordered them to produce information about their business plans and practices.”
Read the full statement of Director Chopra here.