CFPB Reopens Comment Period For Inquiry Into Big Tech Payment Platforms

The CFPB reopened the comment period for an inquiry into how Amazon, Apple, Facebook, Google, PayPal and Square use personal payments data and manage data access. Comments from any party on the inquiry into the technology companies must be submitted by December 21, 2021.

As previously covered, under 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 the handling of complaints; and