"Incorporating safeguards for CFPB info request targets" by John R. Coleman (Law360)
Law360John R. Coleman
The U.S. Consumer Financial Protection Bureau announced recently that it ordered several large technology companies to submit detailed information concerning their payment products, including how they collect, use and share data about consumers who use their products.
The information demand is substantial, with 55 separate specifications, many of which contain multiple subparts. Aside from signaling the CFPB's policy direction under its new director, the announcement suggests that the CFPB may exercise its market monitoring authority more frequently during the next several years.
Originally published in Law360; reprinted with permission.