CFPB Targets Amazon, Facebook, Others In Payments Probe

The Consumer Financial Protection Bureau has ordered a group of tech giants including Amazon, Facebook and Google to turn over information related to their payments-related systems and products, giving the companies just under two months to hand over the details as part of a consumer protection sweep announced Thursday.

The Bureau said the information will help it better understand how these firms use personal payments data and manage data access to users so the Bureau can ensure adequate consumer protection.

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CUNA and NAFCU both issued statements applauding the move by CFPB, noting the importance of leveling the playing field between regulated financial institutions and emerging technologies that do not face the same scrutiny from consumer protection rules and regulations.

• Read a CFPB example order
• Read the full Statement of CFPB Director Rohit Chopra on this action