Bradley partner Henry Su was quoted in an International Financial Law Review (IFLR) article on big technology’s movement into the financial services industry and the impact on the regulatory landscape. Antitrust enforcement has become increasingly significant in policy and politics under President Biden’s administration and interventionist approach has been applied, which has encouraged big tech’s transition into the financial services industry.
The Bank for International Settlements and the International Monetary Fund have been interested in examining the role of big tech in the financial services sector, and CFPB Director Rohit Chopra has ordered big tech companies to share information about their payment platforms with the CFPB.
“This is for at least two reasons,” Su explained. “First, the enforcement paradigm of a tech giant acquiring a startup that may challenge its dominance has led to a heightened wariness of tech-related acquisitions in this sector, as exemplified by the recent challenge to Visa-Plaid.”
Meanwhile, Su also suggested that the spotlight on consumer data privacy has been especially intense on big tech. “That intensity readily transfers to this sector because consumer financial information is among the most sensitive,” he said.
The original article, “Antitrust becomes ‘red-hot’ for the US | IFLR,” appeared in IFLR on October 5, 2022. (login required)