CFPB to reopen remark interval on request for feedback to tell inquiry into massive expertise corporations that provide fee providers

The CFPB has announced that it is going to be reopening the remark interval on its November 2021 request for public comments to tell its inquiry into massive expertise corporations that provide fee providers.  In October 2021, the CFPB sent orders to six large technology platforms providing fee providers that directed them to supply info to the Bureau about their funds services and products and their assortment and use of non-public funds information.

The unique remark interval closed on December 6, 2021.  The CFPB acknowledged that it’ll reopen the remark interval for 30 days and add further questions. It additionally acknowledged that the extra feedback are meant to “broaden our understanding of the dangers shoppers face and potential coverage options” and that “[i]n specific, we’re searching for further public enter on corporations’ acceptable use insurance policies and their use of fines, liquidated damages provisions, and different penalties.”

The CFPB will present further particulars in a discover to be printed within the Federal Register.