NEW YORK (AP) — In its first significant action under a new director, the Consumer Financial Protection Bureau is ordering Apple, Amazon, PayPal and other tech giants to reveal how their proprietary payment networks function.
Apple Pay, Google Pay and other payment systems created by big tech companies now dominate large portions of e-commerce and person-to-person payments and CFPB Director Rohit Chopra is seeking more transparency, as well as more details about what consumer protections have been put in place.
The CFPB also raised potential antitrust concerns.
“Big Tech companies are eagerly expanding their empires to gain greater control and insight into our spending habits,” Chopra said in a prepared statement.
Before being confirmed as director last month, Chopra was a commissioner on the Federal Trade Commission where he used his role to raise concerns about anticompetitive behavior at large technology firms. He also raised the issue during his confirmation hearing at the Senate Banking Committee as well, so his tougher stance on regulation is no surprise.