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.