The CFPB reminded consumer reporting companies of their obligations under the Fair Credit Reporting Act to (i) address inaccurate information found in background checks, (ii) monitor for improper credit file sharing and (iii) ensure that background check information is accessible to consumers.
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The CFPB proposed defining a market for general-use digital consumer payment applications that would cover digital applications that allow consumers to make payments.
The CFPB asserted that restrictions imposed by dominant operating systems on point-of-sale payment methods may have an "outsized effect" and hurt the development of a "truly open ecosystem."
CFPB Director Rohit Chopra previewed two rule proposals aimed at preventing the misuse of information collected by data brokers. The CFPB plans to release the new rules for public comment in 2024.
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."