Analysis

CFPB's Newest Hook On Big Tech May Be 1970s Data Law

By Jon Hill (November 16, 2021, 9:48 PM EST) -- Consumer Financial Protection Bureau Director Rohit Chopra is raising questions about whether a 50-year-old law governing the consumer reporting industry might give the agency another way to exercise jurisdiction over Big Tech companies and their business practices.

In recent weeks, the Fair Credit Reporting Act, or FCRA, has begun cropping up in Chopra's public comments about large technology companies like Google and Apple that possess enormous quantities of data on consumers and operate payment platforms that process billions of dollars in consumer transactions.

Although the FCRA is better known as the law that regulates the activities of traditional credit bureaus, background...

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