CDT’s Comments to the CFPB on Tech Platforms’ Payment Data Practices
Some of the most commonly used online platforms play a growing role in our day-to-day financial transactions, introducing and integrating their own payment services into how consumers socialize, support important causes, and shop online. In October 2021, the Consumer Financial Protection Bureau (CFPB) ordered six Big Tech companies to provide information about their payment systems.
CDT submitted comments regarding this inquiry, which is intended to help the agency better understand and potentially pursue rulemaking pertaining to the companies’ payment data practices. As the CFPB reviews the companies’ responses to this inquiry, we urge the agency to examine the companies’ approaches to user privacy, their misalignment with consumers’ privacy, and the companies’ potential contribution to discrimination in other consumer finance decisions.
