CFPB Signals Attack on Tech Payment Companies Over Competition
Scope of Investigation Highlights Industry Competition
Oct 21, 2021

On Thursday, the CFPB’s Director Rohit Chopra ordered a half-dozen tech companies to turn over information on their payment systems, citing concerns about anti-competitive practices in the industry. Chopra sought data from six companies: Amazon, Apple, Google, Facebook, Paypal, and Square.

“The CFPB should absolutely police the finance industry, especially when traditional banks have overcharged the average consumer for years,” said Chamber of Progress CEO Adam Kovacevich. “But suggesting there isn’t enough competition in digital payments is like saying there aren’t enough Teslas in Silicon Valley. Throw a stone and you’ll hit a company working on digital payments — which consumers love and traditional banks hate.”

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