Regulator seeks transparency for payment systems of big tech

By KEN SWEET
AP Business Writer

NEW YORK (AP) — In its first significant action under a new director, the Consumer Financial Protection Bureau is ordering Apple, Amazon, PayPal and other tech giants to reveal how their proprietary payment networks function. Apple Pay, Google Pay and other payment systems created by big tech companies now dominate large portions of e-commerce and person-to-person payments and CFPB Director Rohit Chopra is seeking more transparency, as well as more details about what consumer protections have been put in place. The CFPB has already rescinded or scaled back a number of policies put in place by the Trump administration.