CFPB Director Rohit Chopra warned that anti-competitive behavior by industry participants will not be allowed to impede the CFPB's required shift to open banking.
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CFPB Enforcement Director Eric Halperin identified areas of evolving risk that can disrupt a "level playing field" in the market for consumer financial products.
The CFPB proposed a rule to implement a section of the Consumer Financial Protection Act on consumer-authorized access to financial data, including "data about their use of checking and prepaid accounts, credit cards, and digital wallets."
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."
Senate Banking Committee Chair Sherrod Brown urged the CFPB to address the risks associated with artificial intelligence "voice cloning."