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.
And, it will sharpen its enforcement focus on companies that repeatedly violate consumer finance laws. Chopra's hearing will likely reinvigorate the CFPB's status as a political lightning rod. Republicans have sought to handcuff the agency since its creation, calling it overpowerful and unaccountable.
Republican lawmakers on the panel applauded Chopra's decision to promote marketplace competition, but added they were against a"heavy handed" approach to enforcement. Chopra says he is studying open banking regulations in other countries, particularly the U.K., and is eager to review the agency's comments. Analysts said they expected the CFPB to move ahead with an open-banking rule first proposed by the agency under the former Trump administration in coming months.
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