The CFPB stressed that any use of a chatbot in customer service roles should meet financial institutions’ legal obligations. The bureau also outlined a series of problems reported in consumer complaints.
New APOR calculations; regulators help with LIBOR transition; CFPB puts credit reporting agencies on alert; data breach involving former CFPB employee; lender settles with Arizona AG.
Banking trade groups and consumer advocates had a second opportunity to share their opinions with the CFPB on “big tech” payment systems. Their take: The payments platforms pose a lot of consumer risk and need to be regulated.
The bureau has sent notice that financial services firms need to stay on their toes regarding data security or risk violating the Consumer Financial Protection Act.
The two trade groups want the California Privacy Protection Agency to clarify what behaviors are prohibited under its proposed data privacy and security rules.
In an interpretive rule, the CFPB affirmed states’ ability to enforce fair credit reporting laws that reflect challenges and risks affecting their local economies and residents.
The banking industry and consumer advocacy groups want regulators to ensure big tech companies operating payment-processing systems provide protections similar to those offered by the banking sector.
CFPB Director Rohit Chopra raised concerns about how big technology companies operate their payments platforms. The regulator is also looking into risks posed by cryptocurrency.
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