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."
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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.
House Financial Services Committee Chair Maxine Waters (D-CA) vowed action against Equifax following news reports accusing the credit bureau of providing inaccurate credit reports.
A CFPB advisory opinion on the obligations of consumer reporting agencies and consumer report users under the Fair Credit Reporting Act ("FCRA") became effective July 12th.
The CFPB reminded companies of their obligation to only use and share consumer credit reports and background reports when they have a "permissible purpose."