TechFlow reports that Rohit Chopra, Director of the U.S. Consumer Financial Protection Bureau (CFPB), has issued a warning stating that major U.S. financial firms are widely collecting Americans' financial data—a practice that could lead the U.S. toward a market structure similar to China's.
To address this issue, Chopra urged the introduction of new regulatory measures requiring payment companies to provide more information about personal data and digital currency usage. He emphasized that such disclosures are critical, as private companies have already amassed substantial power over Americans’ financial decision-making.
To limit surveillance opportunities, the CFPB is considering direct supervision of non-bank financial platforms, while promoting a shift toward an open, competitive, and decentralized banking model in the U.S. to ensure personal data is not misused.
In addition, Chopra noted that the CFPB is prepared to take new actions related to digital currencies, with particular focus on stablecoins. He highlighted that stablecoins may pose risks related to surveillance and token instability, and therefore the CFPB is considering requiring technology companies to disclose more information about their digital currency business models and subject them to new reviews.
