Amazon, Apple, Facebook, Google, PayPal, Square under investigation
America’s Consumer Financial Protection Bureau (CFPB) said on
Thursday it is probing some of the biggest names in the electronic
payments industry, requesting detailed information from them on how they
collect and use people’s spending data.
A strings of demands was issued by the government watchdog to Amazon,
Apple, Facebook, Google, PayPal, and Square, said CFPB Director Rohit
Chopra, and more could be sent to others. In addition, the agency is
also looking into Chinese payment providers WeChat Pay and Alipay,
saying the duo are “combining messaging, e-commerce and payment
functionality into super-apps,” which America’s internet goliaths may
try to imitate.
“Big Tech companies are eagerly expanding their empires to gain
greater control and insight into our spending habits,” said Chopra in a
statement [PDF]. “We have ordered them to produce information about their business plans and practices.”
Chopra, who in his previous role as a commissioner at the FTC was
highly critical of the lack of competition in the tech sector, was only
sworn as bureau boss in earlier this month, and has hit the ground
running. This requested data will be vital in designing competition
rules to govern the next decade of payments regulation, he added.
And he wants a lot of it. Chopra said he wanted the agency to make
sure America’s consumer protections are being applied to payment system
data; to find out how companies were using all this spending and
personal info to inform their business plans; to whom they are selling
the information; and to make sure folks and businesses have a genuine
choice of payment provider. The issued orders [PDF] have a very wide remit. …
More transparency and reporting needed, says Arunja Capital
Accusations of harassment and concerns over pay gaps continue to dog
Microsoft as shareholders were urged by investor Arunja Capital to vote
for the software giant to release transparency reports.
The form PX14A6G filed with the US Securities and Exchange Commission
is sent to shareholders outlining why the sender wants them to vote a
certain way. In this case, for a proposal to release a transparency report regarding the effectiveness of Microsoft’s workplace sexual harassment policies, and another to have the company report on median pay gaps across race and gender.
Investment management firm Arunja Capital put forward the resolution earlier this year,
stating: “Microsoft needs independent and transparent investigation of
gender discrimination, [and alleged] sexual harassment by former CEO
Gates and others.”
Arunja Capital is somewhat of an activist investor, and describes
itself as a “champion of workplace concerns for minorities and women.”
Microsoft’s commitment to begin annual reporting on sexual harassment
and gender discrimination does not cut the mustard as far as the
investor is concerned and, according to Arunja Capital, “ignores the
need for reporting on independent and executive-level investigations.“ …
Two sources are communicating with House investigators and
detailed a stunning series of allegations to Rolling Stone, including a
promise of a “blanket pardon” from the Oval Office
