The Three Top Priorities for CFPB’s Bigtech Rewrite
In early 2019, FedFin issued a report highlighting an array of hazards as bigtech’s “surveillance capitalism” business model increasingly subsumed financial services. On Thursday, the Consumer Financial Protection Bureau finally took the first step – a giant step – towards the wholesale rewrite of the U.S. bigtech industry that’s only become still more urgent. Finance is structurally, systemically, and equitably different when someone who tracks what kind of underwear we like also knows how much money we have, where we spend it, and who holds it. Given this, the Bureau’s full-bore attack on bigtech may well realign the sector’s competitive construct not just in the U.S., but also around the world. This can be for the way-better if the Bureau picks its targets well and stands its ground under the ruthless barrage sure to start at hearings later this week.