The CFPB proposed defining a market for general-use digital consumer payment applications that would cover digital applications that allow consumers to make payments.
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The CFPB asserted that restrictions imposed by dominant operating systems on point-of-sale payment methods may have an "outsized effect" and hurt the development of a "truly open ecosystem."
CFPB Director Rohit Chopra and SIFMA President Kenneth E. Bentsen, Jr. published opposing public statements on proposed revisions to capital requirements for large banking organizations.
The CFPB reopened the comment period on a Request for Information issued to Amazon, Apple, Facebook, Google, PayPal and Square regarding how each firm uses personal payment data and manages data access.
The CFPB ordered five companies to provide information regarding their "buy now, pay later" credit programs. The CFPB expects to publish findings on the risks of these programs concerning accumulation of debt, regulatory arbitrage and data harvesting.