CFPB Chief 'Worried' About Big Tech Takeover In Payments

By Jon Hill (October 27, 2021, 9:28 PM EDT) -- The Consumer Financial Protection Bureau's director told House lawmakers Wednesday that he is "very, very worried" about large technology firms like Apple and Google dominating the payments landscape.

Appearing before the House Financial Services Committee, Rohit Chopra said he wants to make sure the U.S. payments system is "vibrant and serving everybody" and will accordingly be scrutinizing the practices of tech giants like Amazon, Facebook and Google that have rolled out payment services.

"I am very, very worried, as I think many in the regulatory community have been, about Big Tech taking more control of the U.S. dollar and the global...

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