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Volume XIII, Number 39

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CFPB Re-Opens Public Comment on Prior Orders Seeking Information on Big Tech Payment Platforms

On October 31, 2022, the Consumer Financial Protection Bureau (“CFPB”) announced that it will re-open the public comment period on their October 2021 Orders for six large technology companies operating payments platforms to provide information about their business practices. The October 2021 Orders requested that Amazon, Apple, Facebook, Google, PayPal and Square provide information about their data collection and use, their policies for removing individuals and businesses from their platforms, and their policies and practices for providing consumer protections such as addressing disputes and errors.

In extending the comment period, the CFPB has added questions and seeks public input to better understand consumer risks and how companies should address these risks. In particular, the CFPB seeks public input on companies’ acceptable use policies and companies’ use of fines, liquidated damages, penalties and other measures in response to objectionable conduct on their platforms. Comments may be submitted to the CFPB until December 7, 2022.

Copyright © 2023, Hunton Andrews Kurth LLP. All Rights Reserved.National Law Review, Volume XII, Number 315
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About this Author

In today’s digital economy, companies face unprecedented challenges in managing privacy and cybersecurity risks associated with the collection, use and disclosure of personal information about their customers and employees. The complex framework of global legal requirements impacting the collection, use and disclosure of personal information makes it imperative that modern businesses have a sophisticated understanding of the issues if they want to effectively compete in today’s economy.

Hunton Andrews Kurth LLP’s privacy and cybersecurity practice helps companies manage data and...

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