Pretty serious suspicions are being raised regarding the direction the US financial system (and associated tech companies) are taking, this time by the Consumer Finance Protection Bureau (CFPB).
This government agency’s head Rohit Chopra went as far as to tell an event, dubbed, Making America’s Payment System Work for a Digital Century – that the situation is “lurching toward” a surveillance model that’s in place in China.
This could be the outcome unless new regulation is introduced that would prevent the ever-smaller number of financial firms (with an ever-large piece of the pie) and tech companies in the business of payments, warned Chopra.
The root of the CFPB chief’s concern, the way he presented it, is the growing collection of people’s personal financial data, and how to reduce that trend.
