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.
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.
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."