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CFPB and European Commission Begin "Informal Dialogue" on Technology and Financial Consumer Protection

CFPB Director Rohit Chopra and European Commissioner for Justice and Consumer Protection Didier Reynders began an "informal dialogue" to address "critical" consumer protection issues related to the "digitalisation of the financial services."

In a joint statement, Mr. Chopra and Mr. Reynders said that their informal dialogue will prioritize the impact of technological developments in the financial sector on consumers. They said that these developments have "significant implications for businesses and households, from pricing and customer service to competition and privacy." They stated that the dialogue will address:

  • automated decision making, such as AI, and the collection of data in financial services, including associated risks (e.g., lack of transparency, misuse of data and discrimination);
  • new forms of credit, such as "Buy Now, Pay Later" products and mitigation tactics to prevent "over-consumption and over-indebtedness";
  • data protection for consumers; and
  • the impact of competition, privacy, security and financial stability of Big Tech companies offering financial services.

Primary Sources

  1. CFPB, European Commission Joint Statement: Joint Statement by Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission and Rohit Chopra, Director of the United States Consumer Financial Protection Bureau
  2. CFPB Press Release: Joint Statement by Rohit Chopra, Director of the United States Consumer Financial Protection Bureau, and Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission

Tags

Individuals
Rohit Chopra
Regulated Activities
Fintech Privacy Regulatory Oversight Suitability and Consumer Protection
Body of Law
Banking Law
Jurisdiction
US - Federal , European Union or Non-U.S. Country
Organization
Non-U.S. Regulators US Banking Regulators
Sub-Author
European Commission, CFPB