The Consumer Financial Protection Bureau (CFPB) has always been curious of Big Tech and its penetration into the financial services sector. That curiosity took center stage last month when the CFPB ordered six (6) of the most well-known technology companies (Google, Apply, Facebook, Amazon, Square and PayPal) to turn over information about their “products, plans and practices” when it comes to their payment platforms. Dan Smith, Executive Vice President, Head of Regulatory Affairs at the Consumer Bankers Association stops by #Creditecotogo to discuss and forecast how the CFPB will use this data collection to shape policy about consumer-authorized use of financial data. As a former Assistant Director at the CFPB, Dan reminds us that back in 2017 the CFPB issued a set of Consumer Protection Principles around data sharing and aggregation. Like the Rime of the Ancient Mariner, 2022 will reveal how the CFPB will navigate this sea of data.
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