CFPB Asks Tech Companies For Information On Payment Platforms

The CFPB issued a series of orders for the collection of information to Amazon, Apple, Facebook, Google, PayPal and Square regarding how these firms use personal payments data and manage data access.

Pursuant to 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 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.