In its first significant action under a new director, the Consumer Financial Protection Bureau is ordering Apple, Amazon, PayPal and other tech giants to reveal how their proprietary payment networks function.
Before being confirmed as director last month, Chopra was a commissioner on the Federal Trade Commission where he used his role to raise concerns about anticompetitive behaviour at large technology firms. He also raised the issue during his confirmation hearing at the Senate Banking Committee. In the past decade, technology companies have rolled out full-featured payment systems and networks like Apple Pay, AliPay and Google Pay, which are often embedded into smart devices. Apple sells its Apple credit card product right inside the iPhone, and if a consumer opens an account, it is automatically integrated into the customer's payment options. In many ways, a consumer's smart phone has replaced their wallet.
"Since the Bureau was founded, a growing share of banking activity has occurred outside of the purview of leading regulators, putting consumers and the resiliency of the financial system at risk,” said Richard Hunt, CEO of the Consumer Bankers Association, the trade group for the nation's big consumer banks.
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