US consumer watchdog ordered tech giants to hand over information about payment systems

Texas News Today

File photo: The seal of the Consumer Financial Protection Bureau (CFPB) is seen at its headquarters in Washington, DC, USA on May 14, 2021. Reuters / Andrew Kelly

21 October 2021

WASHINGTON (Reuters) – The Consumer Financial Protection Bureau (CFPB) said on Thursday that it has issued a series of orders requiring the high-tech giant to submit information about payment system plans to ensure adequate consumer protection. ..

The consumer watchdog said it has shipped its first orders to Amazon, Apple, Facebook, Google, PayPal and Square. The CFPB said in a statement that it would also investigate the payment system practices of major Chinese tech companies, including Alipay and WeChat Pay.

(Reporting by Chris Prentiss, edited by Franklin Paul)

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