The US Consumer Financial Protection Bureau (CFPB) and the European Commissioner for Justice and Consumer Protection have issued a joint statement announcing the start of an “informal dialogue” between the two regulators. The statement, issued on July 17, focuses on how technology is impacting consumers of financial services across a wide range of areas, from privacy and payments to competition and customer service.
Their underlying concern? That, if left unchecked, technology could increase consumer exposure to fraud and manipulation, while decreasing competition and fair pricing.
This announcement signals an increased coordination between two powerful consumer regulators that could have important ramifications for global financial institutions and financial services companies.
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