Manatt Financial Services Partner Bryan Schneider was quoted in a Law360 article on how the Fair Credit Reporting Act (FCRA), which regulates the consumer reporting industry, may give the Consumer Financial Protection Bureau (CFPB) another way to regulate Big Tech companies.
CFPB Director Rohit Chopra has suggested that Big Tech companies may fall within the Act's scope given the amount of data they have on consumers and how they operate payment platforms. Schneider acknowledged this approach, saying, "it's possible for the [CFPB] to make that inquiry and to seek to learn more, but I think it's very premature to draw any conclusions about whether these companies are engaged in the sorts of activities that could lead to them being characterized as consumer reporting agencies under the FCRA."
Law360 subscribers can read the full article here.