FTC's Khan Weighs In On CFPB's Big Tech Payments Probe

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By Sarah Jarvis (December 22, 2021, 7:49 PM EST) — Federal Trade Commission Chair Lina Khan weighed on the Consumer Financial Protection Bureau’s probe of payment systems of tech giants including Amazon, Facebook and Google, saying the potential risks of Big Tech’s expansion into financial services “demand close scrutiny.”

In a comment letter submitted Tuesday as part of the CFPB’s inquiry, Khan said Big Tech firms gain a unique ability to gather and combine “hyper-granular data” across markets by offering payment platforms to their users. As an example, she noted firms can map individual spending information against geolocation, social connections, browsing history and other “sensitive variables.”

“In particular the data gathered…

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