• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Articles
  • News
  • Events
  • Advertize
  • Jobs
  • Courses
  • Contact
  • (0)
  • LoginRegister
    • Facebook
    • LinkedIn
    • RSS
      Articles
      News
      Events
      Job Posts
    • Twitter
Datafloq

Datafloq

Data and Technology Insights

  • Categories
    • Big Data
    • Blockchain
    • Cloud
    • Internet Of Things
    • Metaverse
    • Robotics
    • Cybersecurity
    • Startups
    • Strategy
    • Technical
  • Big Data
  • Blockchain
  • Cloud
  • Metaverse
  • Internet Of Things
  • Robotics
  • Cybersecurity
  • Startups
  • Strategy
  • Technical

U.S. consumer watchdog to query tech giants over financial data -sources

Reuters / 1 min read.
October 21, 2021
floq.to/B8RYO

By Katanga Johnson and Michelle Price

WASHINGTON (Reuters) – The U.S. consumer watchdog is expected this week to query tech giants including Facebook, Amazon and Google on how they handle consumer financial data as part of a broader effort to boost consumer protections and financial sector competition, according to two people briefed on the matter.

The Consumer Financial Protection Bureau (CFPB) plans to send the companies a 55-page request for information about how they collect, use and market consumer financial data, the people said, speaking on the condition of anonymity.

“The regulator’s questions will pay special attention to what it is firms are collecting, how they’re collecting it and what they’re using it for,” said one of the sources.

The CFPB declined to comment. Facebook Inc., Amazon Inc. and Alphabet Inc’s Google, which are not directly regulated by the CFPB, did not immediately respond to a request for comment.

The expected request for information follows the arrival of Rohit Chopra as director of the CFPB following his Senate confirmation last month. A former Democratic commissioner at the Federal Trade Commission, he built a reputation as a consumer advocate who was frequently tough on big tech.

Democrats’ top policy priorities include boosting competition in the consumer finance sector by requiring financial companies to give consumers more control over their financial data — a concept known as “open banking.”

Requiring banks and other financial firms to allow consumers to download data about account balances, payments, transactions and investments and share it with a third party, for example, could make it easier for consumers to switch providers.

Chopra is expected to move ahead with an open-banking rule first proposed by the agency under the former Trump administration in coming months.

The companies’ confidential responses many help inform the open banking and other future rule makings, the source said.

“This move by the agency is a clear signal that this broader array of companies, which are not covered by the CFPB, are seen to undertake activities and collect consumer financial data that may be subject to future, open banking regulation,” the source added.

(Reporting by Katanga Johnson and Michelle Price; editing by Richard Pullin)

Categories: News
Tags: Amazon, BI, Data, future, share

About Reuters

Primary Sidebar

E-mail Newsletter

Sign up to receive email updates daily and to hear what's going on with us!

Publish
AN Article
Submit
a press release
List
AN Event
Create
A Job Post

Jobs

  • Software Engineer | South Yorkshire, GB - February 07, 2023
  • Software Engineer with C# .net Investment House | London, GB - February 07, 2023
  • Senior Java Developer | London, GB - February 07, 2023
  • Software Engineer – Growing Digital Media Company | London, GB - February 07, 2023
  • LBG Returners – Senior Data Analyst | Chester Moor, GB - February 07, 2023
More Jobs

Tags

AI Amazon analysis analytics application Artificial Intelligence BI Big Data business China Cloud Companies company crypto customers Data design development digital engineer engineering environment experience future Google+ government health information learning machine learning market mobile news public research security services share skills social social media software solutions strategy technology

News

  • OpenAI CEO visits South Korea as country seeks to encourage AI development
  • Carmaker Toyota to invest $328 million in Mexico hybrid pickup plant
  • Is Trump kissing Fauci? With apparently fake photos, DeSantis raises AI ante
  • Binance.US suspends USD deposits, pausing fiat withdrawal channels
  • Britain, U.S. to work together on AI safety, says Sunak
More News

Related Online Courses

  • Oracle Cloud Data Management Foundations Workshop
  • Data Science at Scale
  • Statistics with Python
More courses

Footer


Datafloq is the one-stop source for big data, blockchain and artificial intelligence. We offer information, insights and opportunities to drive innovation with emerging technologies.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Recent

  • 5 Reasons Why Modern Data Integration Gives You a Competitive Advantage
  • 5 Most Common Database Structures for Small Businesses
  • 6 Ways to Reduce IT Costs Through Observability
  • How is Big Data Analytics Used in Business? These 5 Use Cases Share Valuable Insights
  • How Realistic Are Self-Driving Cars?

Search

Tags

AI Amazon analysis analytics application Artificial Intelligence BI Big Data business China Cloud Companies company crypto customers Data design development digital engineer engineering environment experience future Google+ government health information learning machine learning market mobile news public research security services share skills social social media software solutions strategy technology

Copyright © 2023 Datafloq
HTML Sitemap| Privacy| Terms| Cookies

  • Facebook
  • Twitter
  • LinkedIn
  • WhatsApp

In order to optimize the website and to continuously improve Datafloq, we use cookies. For more information click here.

settings

Dear visitor,
Thank you for visiting Datafloq. If you find our content interesting, please subscribe to our weekly newsletter:

Did you know that you can publish job posts for free on Datafloq? You can start immediately and find the best candidates for free! Click here to get started.

Not Now Subscribe

Thanks for visiting Datafloq
If you enjoyed our content on emerging technologies, why not subscribe to our weekly newsletter to receive the latest news straight into your mailbox?

Subscribe

No thanks

Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

Marketing cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!