By Sam Boughedda
Investing.com — The Consumer Financial Protection Bureau on Thursday said it ordered significant technology companies managing payment systems in the United States to provide information on their business operations.
The CFPB statement said the initial orders were sent to Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB), Google (NASDAQ:GOOGL), PayPal (NASDAQ:PYPL), and Square Inc (NYSE:SQ). It will also examine the payment system practices of Chinese tech giants, including Alipay and WeChat Pay.
Amazon shares rose 0.4%, Apple fell 0.4%, Facebook rose 0.06%, Google's Alphabet fell 0.4%, PayPal fell 4.7%, and Square rose 1.6%.
The CFPB said the data will aid it in better understanding how these companies handle personal payment information and manage data access to users, allowing the Bureau to provide consumer protection.
“Big Tech companies are eagerly expanding their empires to gain greater control and insight into our spending habits,” said CFPB Director Rohit Chopra.
"We have ordered them to produce information about their business plans and practices,” added Chopra.
The CFPB has the authority to order companies in the payments market to provide information to help monitor risks to consumers.