CFPB orders tech companies to disclose payment system data

The Consumer Financial Protection Bureau ordered six large technology platforms offering payment services to provide information about the business plans and practices of their systems. Initial orders were sent to Google, Apple, Facebook, Amazon, Square and PayPal. CFPB Director Rohit Chopra said the bureau is seeking to answer many questions, like whether platforms will combine consumers’ financial data with geolocation and browsing data, whether the data will be sold to third parties, and how platforms will ensure consumer protections.