Open Markets Submits Comments to the CFPB on Big Tech's Foray into Payment Systems

In November, the Consumer Financial Protection Bureau (CFPB) ordered Google, Apple, Facebook, Amazon, Square, and PayPal to disclose information about their payment system practices by December 15, 2021.

In response, the Open Markets Institute submitted comments about the order.

It highlights concerns over the potential for Big Tech to use payments for self-preferencing and steering, extractive business practices, enhanced data for manipulative algorithms and the potential for financial surveillance. It also details the unique risks of crypto asset projects undertaken by Big Tech.

Download the full comment here or read below: