Rohit Chopra (chopracfpb) spoke to us about threats to your personal data, buy-now-pay-later apps, and mortgage discrimination.
Rohit Chopra heads the Consumer Financial Protection Bureau , the federal agency tasked with protecting consumers and their money. The CFPB in recent years has, investigated redlining — or discriminatory lending — in mortgages and other loans, and is now focusing on “buy-now-pay-later” firms, payment apps, and data harvesting by Big Tech.
When Facebook proposed Libra [as a virtual currency in 2019], that was a wake-up call to regulators about how a virtual currency could rapidly scale in a way that would introduce questions about money-laundering, consumer fraud, and identity theft. Banks usually just collect date and time, amount, and merchant data from your purchase. But when you tap your phone, what is being collected? It could be what you last searched for, what you purchased.
Right now big tech companies have integrated a digital wallet into mobile operating systems, such as Android and Apple. But it’s beyond tapping. You put in your bank card information to pay. So that may give them very deep insights into your whole financial life. They can see that with other data they’re collecting, such as your location, your social map.
That really is the future of lending, and a challenge for law enforcement when it comes to redlining. It may not be geographic boundaries, it may be using personal data to make inferences about you, potentially to not show you offers at all.In general, we’ve seen many large financial institutions repeatedly violate the law in a rinse-repeat cycle. Because they simply write a check, that’s not necessarily deterring them. So we’re looking at a whole host of remedies going beyond a fine.
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