The Consumer Financial Protection Bureau (CFPB) has introduced two new proposals aimed at protecting consumers using digital payments.
New Data Protection Proposal
One of the CFPB's proposals aims to reduce data collection from clients using digital payments on large tech platforms.
Proposals to Enhance Consumer Protection
The other goal is to strengthen laws protecting clients from fraud, including transactions using gaming cryptocurrencies. The CFPB plans to evaluate current laws and their relevance to new payment forms.
Leadership Transition and Its Impact on Proposals
There is potential for the new leadership of CFPB, which will be established after Donald Trump's inauguration, to alter the bureau's current proposals. Speculations indicate Trump might replace the current director, Rohit Chopra.
These proposals by the CFPB aim to update and enhance safety measures for consumers of digital payments amid rapid technological advances and cryptocurrency market expansion.
