WASHINGTON:Chief consumer finance watchdog Rohit Chopra told U.S. lawmakers on Wednesday his agency will investigate Big Tech’s impact on the flow of money in the economy as leading technology firms use real-time consumer payments systems that collect huge amounts of personal data.
Chopra said Big Tech’s entrance into the payment sector raises questions including: “How will these firms harvest and monetize data they collect on our transactions? What criteria will they use to decide who is removed from the platform? How will they ensure that payment systems adhere to consumer protections?”
The Consumer Financial Protection Bureau (CFPB) will also aim to minimize foreclosures on struggling American homeowners and make consumer lending more competitive, he said.
And, it will sharpen its enforcement focus on companies that repeatedly violate consumer finance laws.
Chopra, a longtime consumer advocate tapped by Democratic President Joe Biden, outlined an ambitious agenda during his first hearing as CFPB director before members of the House of Representatives Financial Services Committee.
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