CUNA supports the Consumer Financial Protection Bureau’s (CFPB) inquiry into the tech companies’ payments practices and strongly encourages the CFPB to carefully examine and regulate these entities moving forward, it wrote to the CFPB Monday.

CUNA’s letter was sent in response to a CFPB order that Google, Apple, Facebook, Amazon, Square, and PayPal submit information about their payments products, plans, and practices.

“Consumers benefit from innovation that offers new delivery channels and products as well as innovations to traditional products. Credit unions want to ensure that financial products and services available from fintech companies or any company offer the same protections as those offered by regulated entities,” the letter reads. “Our members do not want to discourage innovation, they merely want to ensure that innovation does not allow new entrants to make an end run around regulation.”

CUNA also expressed concerns about:

• The potential of tech companies and other non-banks to purposely construct products and services to skirt consumer protection laws.
• How tech uses and protects information collected from consumers.