U.S. consumer watchdog orders tech giants turn over information on payment systems – Reuters

The seal of the Consumer Financial Protection Bureau (CFPB) is seen at their headquarters in Washington, D.C., U.S., May 14, 2021. REUTERS/Andrew Kelly

WASHINGTON, Oct 21 (Reuters) – The Consumer Financial Protection Bureau (CFPB) on Thursday said it has issued a series of orders to tech giants to turn over information on their payment system plans in an effort to ensure adequate consumer protection.

The consumer watchdog said it has sent initial orders to Amazon, Apple, Facebook, Google, PayPal, and Square. The Bureau will also be studying the payment system practices of Chinese tech giants, including Alipay and WeChat Pay, the CFPB said in a statement.

Reporting by Chris Prentice, Editing by Franklin Paul

Our Standards: The Thomson Reuters Trust Principles.


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