CFPB Tackles Payment-System User Fines
Following Director Chopra’s recent focus on Paypal’s withdrawn content penalty, the CFPB today announced it will reopen the public comment period on its bigtech payments order, widening its focus beyond Paypal to all bigtech payment-service providers. Notably, Zelle is not included in this round. The order had required Facebook, Google, Apple, Amazon, Square, and Paypal to turn over information on their payments products, business plans, and practices. The Bureau now seeks further information on their acceptable use policies and how and under what circumstances they levy fines.