Facebook, Square, PayPal and Others Told to Hand Over Payments Info to Consumer Finance Watchdog

Facebook, Square, PayPal and Others Told to Hand Over Payments Info to Consumer Finance Watchdog
Six tech giants, including Facebook, Square and PayPal, have been ordered to hand over information relating to payments to the U.S. consumer finance watchdog agency.The Consumer Financial Protection Bureau (CFPB) has ordered information about the payments products, plans and practices of Google, Amazon, Apple, Facebook, Square and PayPal.Of the six companies, Facebook, Square and PayPal’s payment services have all ventured into the crypto industry.The CFPB has been taxed by Congress with ensuring competition is fair in payments markets, given the immense scale of this group of companies and therefore their ability to monetize data on customer spending habits.“That many Big…