On October 31, 2022, the CFPB announced that it will re-open the public comment regarding the Bureau’s inquiry into big tech payment platforms. It can be recalled that on October 21, 2021, the CFPB ordered six large technology companies operating payments systems in the United States to provide information about certain of their business practices.

The Bureau is inviting any interested parties, including consumers, small businesses, advocates, financial institutions, investors, and experts in privacy, technology, and national security to submit comments to inform the agency's inquiry. According to the CFPB, the information that will be gathered will help them better understand how these large technology firms use personal payments data and manage data access to users so the Bureau can ensure adequate consumer protection.

Read the CFPB’s announcement here.

The November 2021 notice can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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