Big Tech Poses Harm to Payment Rivals, CFPB’s Chopra Says (1)

The Consumer Financial Protection Bureau wants to make sure that tech companies like Apple Inc., Amazon Inc., Facebook Inc., and Google don’t “squelch” smaller competitors from operating their own payment systems, the bureau’s new director told Congress.

The CFPB’s recent letters to the four tech giants along with PayPal Holdings Inc. and Square Inc. are meant to ensure that financial innovation in the payments space doesn’t harm consumers or limit their product options, CFPB Director Rohit Chopra told the House Financial Services Committee Wednesday.

“I am worried that the Big Tech companies are coming for financial services,” he said.

Chopra’s ...