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Description

Closed second consultation on Inquiry into Big Tech Payment Platforms

On 7 December 2022, the Consumer Financial Protection Bureau (CFPB) closed its second public consultation as part of its Inquiry into Big Tech Payment Platforms. 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 also sought information on 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.

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Scope

Policy Area
Other operating condition
Policy Instrument
Consumer protection regulation
Regulated Economic Activity
cross-cutting
Implementation Level
national
Government Branch
executive
Government Body
consumer protection authority

Complete timeline of this policy change

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2021-10-21
under deliberation

On 21 October 2022, the Consumer Financial Protection Bureau (CFPB) announced an Inquiry into Big T…

2021-11-05
in consultation

On 5 November 2022, the Consumer Financial Protection Bureau (CFPB) opened a public consultation as…

2021-12-06
processing consultation

On 6 December 2021, the Consumer Financial Protection Bureau (CFPB) closed its public consultation …

2022-11-07
in consultation

On 7 November 2022, the Consumer Financial Protection Bureau (CFPB) opened a second public consulta…

2022-12-07
processing consultation

On 7 December 2022, the Consumer Financial Protection Bureau (CFPB) closed its second public consul…