CFPB Bringing Tech Enforcers Together to Protect Consumers 

The Consumer Financial Protection Bureau (CFPB) posted on its blog this week that regulators across the country are working to ensure that new technologies meaningfully help consumers in their financial lives. Large-scale technology companies often produce new technologies that want to reshape the consumer financial marketplace to benefit their growth and market share instead of to benefit consumers. In response, the CFPB is convening enforcement agencies across the government, including federal agencies, state attorneys general, and state insurance commissioners, to sharpen its combined efforts to ensure consumers are protected. 

Over the last few months, the CFPB hosted trainings and briefings for enforcement agencies on numerous consumer financial protection topics, including emerging practices in biometrics and how to address algorithmic harms. 

The CFPB also released a guide to help other enforcement agencies hire technologists to protect consumers. Together, lawyers and technologists are working closely to stay on top of trends, address emerging risks, and rein in bad actors, especially those in Big Tech. If you’d like to be included in the upcoming training or future trainings, please email IGA@cfpb.gov.