Consumer Bureau Conducting Review of “Big Tech” Payment Systems

Move is First Step Toward Consumer Protection Measures

The Consumer Financial Protection Bureau (CFPB) announced today it is collecting information from Big Tech firms on their payment processing systems. The CFPB’s move comes as concerns arise over how companies like Apple, Google, and Facebook use consumer data.

“Big Tech companies are eagerly expanding their empires to gain greater control and insight into our spending habits,” said CFPB Director Rohit…