Federal regulators want to know what Big Tech is doing with your financial data
CBSN
The U.S. government wants major technology companies to explain how they're using customers' financial data, laying the groundwork for tighter privacy rules on mobile payment systems down the road.
The Consumer Financial Protection Bureau has ordered Apple, Amazon, Facebook, Google, PayPal and Square to reveal details of their proprietary payment networks, such as what data they collect and how they use it, how they resolve disputes and what consumer protections users have. It's the first significant action from the CFPB under its new director, Rohit Chopra, who helped launch the agency during the Obama administration.
The CFPB's order also raised antitrust concerns.
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