CFPB Director to Testify on Open Banking and Privacy

U.S. Consumer Finance Protection Bureau (CFPB) Director Rohit Chopra plans to brief Congress this week on a proposed measure to regulate open banking and small business lending data, reported Reuters Monday, April 25.

Chopra will also speak about the latest scrutiny of the risks and issues regarding privacy and discrimination posed by dominant technology conglomerates, given the great influence they have in the market.

Additionally, Reuters wrote that Chopra will speak about the CFPB’s efforts to promote competition, including offering more initiatives to lower barriers to entry and create a larger pool of companies competing for customers based on quality, price and service.

Earlier this month, PYMNTS wrote that the CFPB had filed a lawsuit against TransUnion, along with two of the company’s subsidiaries and longtime executive John Danaher, for allegedly violating an enforcement order. Credit Score Deceptive Marketing Act 2017.

See also: CFPB sues TransUnion, Sr Exec John Danaher, alleging history of deceptive marketing

The CFPB said TransUnion ignored the order’s requirements and continued to use “deceptive” tactics to take advantage of customers, adding that TransUnion violated other consumer financial protection laws.

“TransUnion is an out-of-control repeat offender who believes it is above the law,” Chopra said in the bureau’s report. Press release. “I’m concerned that TransUnion’s management is either unwilling or unable to operate its business legally.”

TransUnion collects information on hundreds of millions of people, and the company claims to profile nearly every active credit consumer in the United States. The CFPB press release said TransUnion was struggling to maintain the trust needed to generate accurate credit reports, and the accused parties broke the law by continuing to engage in deceptive conduct in marketing and selling. credit products.



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