US consumer watchdog lays out ambitious agenda on Big Tech, lending competition

US consumer watchdog lays out ambitious agenda on Big Tech, lending competition

27/10/2021 10:37:00 PM

US consumer watchdog lays out ambitious agenda on Big Tech, lending competition

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 entr

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.

Yaw Shin Leong, expelled by WP in 2012 for not addressing alleged affair, now claims party asked him to ‘stay silent’ ‘Positive aspects’ in S’pore’s efforts to eliminate racial discrimination, but areas of concern remain: UN committee MOH to stop daily press release on Covid-19 situation from Dec 7; updates still available on website

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. headtopics.com

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."Many families continue to struggle to afford their mortgage and rent payments. Many small businesses are facing severe challenges to make ends meet," Chopra told the panel on Wednesday.

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.Sworn in as the CFPB's full-time director earlier this month, Chopra built his name as a fierce consumer advocate at the Federal Trade Commission, and previously helped Senator Elizabeth Warren set up the CFPB after it was created in 2010.

"This hearing should serve as a reminder of both the bureau’s broad authority and Director Chopra’s capacity to effectively use the bureau’s toolbox," said Isaac Boltansky, director of policy research for financial firm BTIG.Republican lawmakers on the panel applauded Chopra's decision to promote marketplace competition, but added they were against a"heavy handed" approach to enforcement.

Just a few weeks into the job, Chopra made his mark when the CFPB ordered https://www.reuters.com/technology/us-consumer-watchdog-orders-tech-giants-turn-over-information-payment-systems-2021-10-21 Amazon.com Inc, Apple Inc and Facebook Inc to hand over information about how they gather and use consumer payment data. headtopics.com

Electric-car maker Lucid receives subpoena from SEC UK condemns Myanmar junta over Aung San Suu Kyi jailing Canada's ambassador to China to leave post after helping free detainees

He told lawmakers that regulators will look into practices that might impede competition."There are many places where regulators should be promoting competition and innovation in ways that are good for small businesses and families - and not in a way that allows dominant firms to control more and more about our lives through our data," Chopra said.

That push for clarity is part of a growing interest among regulators and lawmakers about the rapid adoption of technology in various financial products, ranging from cryptocurrency to new"buy now, pay later" lending products.'OPEN BANKING'

Democrats' top policy priorities include boosting competition in the consumer finance sector by requiring financial companies to give consumers more control over their financial data - a concept known as"open banking https://www.reuters.com/business/exclusive-white-house-target-bank-mergers-financial-data-with-competition-order-2021-07-09."

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. headtopics.com

"At the same time, we're going to need to make sure we're protecting privacy, security and other things that are critical," he added.He said that while he wants to ensure payments platforms operate fairly, transparently and competitively, he does not intend to ban or limit the use of cryptocurrency or blockchain technology that also lean on payment systems.

Chopra's expansive agenda at the CFPB will also include revisiting https://www.reuters.com/business/sustainable-business/how-bidens-agencies-are-picking-apart-trumps-wall-street-friendly-measures-2021-04-12 several major rule easings ushered through under Republican leadership, particularly around debt collection and payday lending.

Police appeal for information on 14-year-old girl missing for 2 weeks UBS gives Hong Kong staff COVID-19 quarantine cash Next pandemic could be more lethal than COVID-19, vaccine creator says

Consumer advocates are eager to see Chopra erase industry-friendly changes ushered in under Republican leadership and impose tough new rules on the marketplace."We hope he will explain how he plans to supercharge the CFPB's efforts to protect consumers from credit reporting mistakes, forced arbitration, overdraft fees and predatory loans," said Michael Litt, a director at Washington-based U.S. PIRG, a consumer advocacy group.

(Reporting by Katanga Johnson and Pete Schroeder in Washington; Editing by Megan Davies, Chris Reese, Jonathan Oatis and Aurora Ellis) Read more: CNA »

JI arrests, 20 years on: ISD releases new details on terrorist group’s plans to attack nearly 80 S’pore targets

SINGAPORE — The Internal Security Department (ISD) has released newly declassified details of terror plans by the Jemaah Islamiyah (JI) organisation against about 80 targets here. These include previously unreleased statements by JI detainees and surveillance footage obtained by the group as it plotted against Singapore.

TRUE or FALSE : USA & CANADA some few wicked are forcing INDIAN BEAUTIFUL LADIES TO RAPE & PROSTITUTION IN CANADA with the help of INDIAN crooks few & racently some actor planned to hijack POOJA HEGDE UMM chartered germany ind USSR to canada rape club ? WHO IS THAT ASH ? UMMCIA

US consumer watchdog eyeing Big Tech, lending competition as recovery unfolds - testimonyWASHINGTON : The head of the U.S. Consumer Financial Protection Bureau, Rohit Chopra, will tell lawmakers on Wednesday that agency is the mortgage market and aims to minimize foreclosures of American homeowners, according to his prepared testimony.As he lays out an ambitious agenda before the House Financ

US retail giants pull Chinese surveillance tech from shelvesU.S. retail giants Home Depot and Best Buy have pulled the Chinese video surveillance technology makers Lorex and Ezviz from their stores over links to human rights abuses. In a statement to TechCrunch, Home Depot said it's 'committed to upholding the highest standards of ethical sourcing and we immediately stopped selling products from Lorex when this was brought to our attention.' Home Depot also stopped selling Ezviz products, a spokesperson confirmed.

Trump could get big 'bonus' shares in new social media firmNEW YORK: Donald Trump's social media company will get tens of millions in special bonus shares in a new publicly traded entity if it performs well, handing the former president possibly billions of dollars in paper wealth based on current stock prices, according to a prospectus filed with security regulators on Tue

The Chinese military is thinking about how to stealthily destroy enemy ports and just set off a big explosion to see how it might work'If we can use stealthy ways, like underwater explosions, to destroy the ports, we can kill off the enemy's war potential,' a Chinese officer said.

US consumer watchdog eyeing Big Tech, lending competition as recovery unfolds - testimonyWASHINGTON : The head of the U.S. Consumer Financial Protection Bureau, Rohit Chopra, will tell lawmakers on Wednesday that agency is the mortgage market and aims to minimize foreclosures of American homeowners, according to his prepared testimony.As he lays out an ambitious agenda before the House Financ