CFPB Seeks Input on Digital Payment Privacy and Consumer Protections
The CFPB announced that it is seeking public input on strengthening privacy protections and preventing harmful surveillance in digital payments, particularly those offered through large technology platforms. The agency is requesting comment on implementing existing financial privacy law and how to address intrusive data collection and personalized pricing. Additionally, the CFPB requested comment on a proposed interpretive rule outlining how the Electronic Fund Transfer Act, which provides consumers with protections against errors and fraud, applies to new types of digital payment mechanisms, such as those currently offered through large technology companies and video gaming platforms, as well as stablecoins and other digital currencies that are not widely used today in consumer transactions.