The CFPB invited comment on its inquiry into how Amazon, Apple, Facebook, Google, PayPal and Square use personal payment data and manage data access. The request was published in the Federal Register. Comments from any party on the inquiry into the technology companies must be submitted by December 6, 2021.
As previously covered, pursuant to Section 1022(c)(4)(B)(ii) of the Consumer Financial Protection Act, the CFTC ordered the identified firms to file information on, among other things:
- payment products, data harvesting (i.e., data collected on consumers' use of the product) and how the companies monetize product data;
- access restrictions, consumer and commercial user eligibility, and product-use metrics, including the handling of complaints; and
- descriptions of their consumer protections in place, including disclosures about data practices and the monitoring of fraudulent activity in their products.
The technology companies must submit their responses by December 15, 2021.
Primary Sources
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.