United States of America: Opened second consultation on Inquiry into Big Tech Payment Platforms

On 7 November 2022, the Consumer Financial Protection Bureau (CFPB) opened a second public consultation as part of its Inquiry into Big Tech Payment Platforms until 7 December 2022. The Inquiry focuses on the business practices of Amazon, Apple, Facebook, Google, PayPal and Square in relation to their use of payment systems. The CFPB is particularly interested in the implications of large-scale payment systems for competition and data protection. The Inquiry is intended to help the CFPB achieve adequate levels of consumer protection in the sector. In the second round of consultations, the CFPB seeks information on the policies surrounding fines, penalties, or "liquidated damages provisions". More generally, the CFPB wants to understand the risks that consumers face when using online payment systems.