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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Chamber of Progress (progresschamber.org) is a new center-left tech industry policy coalition promoting technology’s progressive future. We work to ensure that all Americans benefit from technological leaps, and that the tech industry operates responsibly and fairly.
Our corporate partners do not have a vote on or veto over our positions. We do not speak for individual partner companies and remain true to our stated principles even when our partners disagree.