Key Points
WASHINGTON, Nov 7 (Reuters) - The top U.S. consumer financial watchdog on Tuesday proposed to regulate tech giants' digital payments and smartphone wallet services, saying they rival traditional payment methods in scale and scope but lack consumer safeguards...
The Consumer Financial Protection Bureau's (CFPB) proposal would subject companies like Alphabet (GOOGL.O),.
The proposal marks a long-anticipated and ambitious move by CFPB Director Rohit Chopra to assert the agency's full authority over Big Tech, a sector he has frequently criticized for privacy and competition issues...
Since becoming director in 2021, Chopra has steadily increased CFPB scrutiny of the sector, seeking information in 2021 on how Big Tech companies use consumer data and last year launching an inquiry into their payments platforms...
In a speech last month, Chopra said CFPB research had found tech giants collected vast amounts of consumer payments data with few limits, scant transparency and confusing corporate policies, putting consumers at risk of Chinese-style surveillance by the companies...
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