FTC Chair Lina Khan Submits Comments on the CFPB's Inquiry Into Big Tech Platforms

Federal Trade Commission Chair Lina Khan submitted comments to the Consumer Financial Protection Bureau (CFPB) concerning their inquiry into Big Tech payment platforms. Khan identified three areas of concern that she hopes can help to inform the CFPB's inquiry:

1. Big Tech companies’ participation in payments and financial services could enable them to entrench and extend their market positions and privileged access to data and AI techniques in potentially anti-competitive and exploitative ways.
2. Big Tech companies’ use of algorithmic decision-making in financial services amplifies concerns of discrimination, bias, and opacity.
3. Big Tech companies’ increasingly commingled roles as payment and authentication providers could concentrate risk and create single points of failure.