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.
News & Insights
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."
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.
In testimony before the House Financial Services Committee and the Senate Banking Committee, CFPB Director Rohit Chopra prioritized (i) stimulating competition in the consumer financial markets, (ii) action against repeat offenders of agency and court orders, and (iii) restoring relationship banking to protect consumers "in an era of big data."