From NewsBreak:
While the Consumer Financial Protection Bureau (CFPB) has opened an inquiry into so-called “Big Tech” payment systems, consumer groups are offering comments aimed at boosting consumer protections.
The U.S. Public Interest Research Group (PIRG) summarized its concerns in a recent blog post.
As PIRG, in our joint comment with the Center for Digital Democracy, told the CFPB, “the Big Tech firms have a corporate surveillance business model that has widely different goals than those of publicly chartered and regulated financial institutions; their model is antithetical to fair consumer treatment generally, but which is especially true when financial matters are at stake.”
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