CFPB's Inquiry Into Payments Privacy
Description
In the latest episode of Payments Pros, host Carlin McCrory welcomes Kim Phan to discuss the Consumer Financial Protection Bureau's (CFPB) recent inquiries into enhancing privacy protections.
On January 10, the CFPB sought public input on improving privacy safeguards and curbing harmful surveillance and digital payments, particularly those offered by large technology platforms. The CFPB is particularly interested in comments on existing financial privacy laws and issues related to intrusive data collection and personalized pricing.
Carlin and Kim highlight the CFPB's ongoing efforts to regulate big tech firms, which they view as operating outside traditional banking controls. The discussion also covers the CFPB's approach to the Gramm-Leach-Bliley Act (GLBA) and its effectiveness in addressing modern data surveillance.
They wrap up their conversation by examining potential shifts in the CFPB's regulatory focus under new administration leadership.
NOTE: At the time of recording, this podcast may not have captured the most recent events relating to the change in CFPB leadership and resulting instructions to CFPB staff regarding CFPB rulemakings. Stay tuned for future podcast episodes addressing these important developments.
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