Tech Platforms Burning

Perhaps it’s no coincidence that the CFPB’s bigtech order was opened for public comment on the day England sets bonfires to celebrate Guy Fawkes’ Day.  If CFPB Director Chopra follows through along even some of the lines he laid out for Congress (See Client Report CONSUMER37), the largest tech platforms will face a very different financial-services future from the one to which network effects and their overall market power beckon.  And, it’s not just the CFPB that plans a very different future for tech finance.