CFPB Targets Amazon, Facebook, Others In Payments Probe

By Al Barbarino (October 21, 2021, 1:36 PM EDT) -- The Consumer Financial Protection Bureau has ordered a group of tech giants including Amazon, Facebook and Google to turn over information related to their payments-related systems and products, giving the companies just under two months to hand over the details as part of a consumer protection sweep announced Thursday.

While consumers and businesses benefit from the "faster, cheaper and more secure payment systems" being developed by these companies, the bureau said in an announcement that they also present new risks to consumers and competition that must be probed as they grow rapidly.

The bureau said that it sent information requests to...

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