The CFPB has announced that it will be reopening the comment period on its November 2021 request for public comments to inform its inquiry into large technology companies that offer payment services. In October 2021, the CFPB sent orders to six large technology platforms offering payment services that directed them to provide information to the Bureau about their payments products and services and their collection and use of personal payments data.
The original comment period closed on December 6, 2021. The CFPB stated that it will reopen the comment period for 30 days and add additional questions. It also stated that the additional comments are intended to “broaden our understanding of the risks consumers face and potential policy solutions” and that “[i]n particular, we are seeking additional public input on companies’ acceptable use policies and their use of fines, liquidated damages provisions, and other penalties.”
The CFPB will provide additional details in a notice to be published in the Federal Register.