EPIC Applauds CFPB’s Inquiry into Payment Platforms, But Notes Further Investigation Necessary

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The Consumer Financial Protection Bureau (CFPB or the Bureau) ordered major tech platforms that facilitate online payments, including Google, Apple, Facebook, Amazon, Square, and PayPal, to provide information regarding their data collection and usage practices and sought comment on an example of these orders (provided here). EPIC applauds the CFPB’s attention to surveillance of financial transactions, but urged the Bureau to go further in its investigation, including looking specifically at the data minimization and data security practices of these platforms, closely considering the CFPB’s role where consumers do not have a meaningful choice of what tech platform is used to process their payments, and continuing its investigation beyond these transactional platforms to include data aggregators and others with access to this highly sensitive consumer data. EPIC regularly files comments and amicus briefs, and provides congressional testimony on matters related to consumer privacy, big data, and data security.

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