PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

CFPB Will Use Its Investigative Powers to Look at Big Tech

By Tim Sloane
November 5, 2021
in Analysts Coverage, Data, Emerging Payments
0
0
SHARES
0
VIEWS
Share on LinkedIn
CFPB Will Use Its Investigative Powers to Look at Big Tech

CFPB Will Use Its Investigative Powers to Look at Big Tech

Lots of activity from the CFPB. It appointed new leaders for both Supervision and Enforcement, clarified the definition of a “Unauthorized Electronic Fund Transfer” to include consumers that are fraudulently induced to give up payment credentials or lose their credentials to a computer virus, and now it is using its investigative powers to understand what Big Tech does with all the payment data it collects:

“The consumer watchdog agency has asked for the major players in Big Tech to provide information on how they use payment data: Amazon, Apple, Facebook, Google, PayPal and Square will have to report in with details on the inner workings of their payment systems.

Additionally, Chinese tech platforms such as Alipay and WeChat Pay will be studied, though it is not clear how much cooperation will be expected from companies based in foreign countries.

The CFPB’s goal is to enhance consumer protections against privacy breaches, fraud and anticompetitive behavior. The move comes as the Democrats look to revive the consumer watchdog as an investigative tool, as part of ongoing efforts to check the power of Big Tech. The order comes from Rohit Chopra, new director of the CFPB and former Democrat-aligned commissioner for the Federal Trade Commission (FTC).

The consumer watchdog has little power to directly regulate Big Tech, but has some latitude to request things like payment data in the interest of ensuring that endemic risks to consumers are not present.”

Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group

0
SHARES
0
VIEWS
Share on LinkedIn
Tags: Big TechCFPBConsumer DataCustomer PrivacyDataPayments

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Gift cards

    Lessons from the Gift Card Forum: The Critical Shift from Breakage to Redemption

    October 8, 2026
    AI-powered fraud prevention

    In the Escalating Fraud Fight, Industry Solidarity Is Imperative

    October 7, 2026
    ownership authentication

    Ownership Authentication: Fighting Fraud Losses and First-Party Risk

    October 6, 2026
    detecting scams

    In a Faster World, Identity Protection Hinges on Predicting Scams

    October 5, 2026
    mobile banking

    Mobile Banking Has the Tools. Now Banks Need to Guide Customers

    October 2, 2026
    ai aml

    Getting Out in Front of Agentic Commerce Fraud

    October 1, 2026
    payment authentication

    Developing Digital Trust Hinges on Unifying Authentication Methods

    September 30, 2026
    cross-border payments

    Banks Built Cross-Border Payments—Fintechs Are Rewriting Them

    September 29, 2026

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2026 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result