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Bank groups spell out payments industry concerns

December 8, 2021

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The Consumer Financial Protection Bureau (CFPB) needs to protect consumers from big technology companies eager to make inroads in the payments processing business, according to comments filed this week with the agency by two bank industry trade groups.

The American Bankers Association (ABA) and the Community Bankers Association (CBA) called on the CFPB in a joint Dec. 7 letter to “ensure consumer protections are applied consistently to all companies offering payments products and financial services, including big tech” as part of an investigation ordered in October by CFPB Director Rohit Chopra.

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