As we previously noted, on October 21, the CFPB issued orders to six large technology firms seeking information about their payment product business plans (the “October 21 Orders”). According to the Bureau, the purpose of orders was to “shed light on the business practices of the largest technology companies in the world.” The CFPB’s use […]
Consumer Financial Protection Bureau (CFPB)
Did the CFPB follow PRA requirements in issuing its Big Tech orders?
On October 21, the CFPB issued a series of orders to “collect information on the business practices of large technology companies operating payments systems in the United States.” The CFPB sent the orders to six companies: Amazon, Apple, Facebook, Google, PayPal, and Square. In a statement accompanying the press release announcing the orders, Director Chopra […]
New CFPB Chief Rohit Chopra Confirmed by Senate and Takes Immediate Action Against Big Tech Firms
A&B Abstract: On September 30, 2021, the Senate confirmed Rohit Chopra to serve as director of the Consumer Financial Protection Bureau (CFPB) in a 50-48 vote along party lines. He had been serving as a member of the Federal Trade Commission (FTC) where he had been a vocal critic of big tech companies and advocated […]
Modern-Day Redlining Enforcement: A New Baseline
On October 22, 2021, the U.S. Department of Justice (DOJ) announced an aggressive new initiative, in collaboration with U.S. Attorneys’ Offices throughout the country, to combat the practice of redlining. Three days prior, the Consumer Financial Protection Bureau (CFPB) was said to be hiring up to 30 new enforcement attorneys to focus on redlining and […]
Third Party Payment Processors as ‘Covered Persons’: A Return to CFPB Regulation by Enforcement?
A&B ABstract: The CFPB has recently asserted extraordinary authority to make any payment processor monitor the activities of any merchant for which it processes payments, even if that merchant does not provide consumer financial products or services. Does its argument hold up? The CFPB’s Complaint Against BrightSpeed On March 3, 2021, the Bureau of Consumer […]