U.S. Consumer Financial Protection Bureau Investigating Apple and Other Tech Companies

[siddavis]

That’s quite the oversimplification about what is requested and not even a correct assessment of what they are asking.

The government is not overreaching when they are asking businesses their operations about data mining and the information those businesses are gathering.

You’re missing the part where “private property rights” started with entering your credit card information on the phone, and it is more than reasonable to be concerned about what a few companies do with that information.

You are correct. My brain was on the $600 transaction monitoring that someone had brought up.

 

[MrDerby01]

Ah.. This is not the first time Apple has had manipulative, monopolistic, smoke and mirrors practices. Just shady behaviors in general.

Google at least came strait out of the gate telling everyone they collect everything and use the data.

 

[OasisNYK]

I see a lot of people don’t think this is serious. I disagree - having been in the financial services industry for over a decade, I have seen first hand what the CFPB can do and they can do some pretty serious things including enforcement actions and fines.

There is a new director (Chopra) who was just confirmed and he is coming out swinging. This is all about data privacy / anti trust / anti competitive practices and that’s very new territory for the CFPB. They also tent to legislate through enforcement actions which they call “guidance.”

It is a way for the government to create new regulations without using the traditional legislative process. It’s early but this inquiry is not good for Big Tech in any way shape or form.

I also disagree this is about getting customer payment info and auditing consumers. It’s certainly not outside of the realm of possibility but I don’t think the CFPB is focused on that - when they no longer have companies to go after it could be a problem but I highly doubt it.

This is a totally new era for the bureau and they are trying to make a big splash, so this isn’t just going to go away.