By John Coleman (November 5, 2021, 3:27 PM EDT) — The U.S. Consumer Financial Protection Bureau announced recently that it ordered several large technology companies to submit detailed information concerning their payment products, including how they collect, use and share data about consumers who use their products.
The information demand is substantial, with 55 separate specifications, many of which contain multiple subparts. Aside from signaling the CFPB’s policy direction under its new director, the announcement suggests that the CFPB may exercise its market monitoring authority more frequently during the next several years.
The announcement and the prospect of more to come highlight long-standing concerns regarding the procedural and other safeguards available…
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