CFPB's hard line with payments industry may be a hint of things to come
Big tech companies expect to meet a December 15 deadline to respond to a Consumer Financial Protection Bureau (CFPB) investigation into their payment practices, according to a trade group that represents them, the Electronic Transactions Association (ETA).
Satisfying the demands announced last month by the agency's new chairman, Rohit Chopra, may not be easy.
“The payments space has a good story to tell,” Scott Talbott, ETA's senior vice president for government affairs, said in an interview. “We look forward to working with the bureau to share our approach and answers to the questions about helping consumers, protecting consumers, and protecting data."