March 26, 2024

CFPB: CFPB Joins Federal and State Agencies in Coordinated Statements on Tech & Enforcement

Today, federal and state agencies, including the Consumer Financial Protection Bureau (CFPB), released agency-specific action statements on tech capacity. These statements reflect concrete actions to increase tech capacity, including actively hiring technologists – which will help enforce the laws on the book and design remedies that work for consumers, workers, small businesses, and others in the digital era.

Amid a rapidly evolving tech ecosystem – including the wave of attention on generative AI – CFPB technologists work in interdisciplinary teams across the Bureau to help ensure that the rights of consumers are not being violated. This includes helping to identify emerging technology developments, spot potential issues, and where appropriate, help enforce the law and develop lasting remedies.

“From cracking down on data abuses and shoddy AI to tracking Big Tech’s movement into financial services, technology is fundamental to the CFPB’s work,” said CFPB Director Rohit Chopra. “Our technologists help the agency enforce existing laws and track emerging risks to consumers to ensure that American families are protected through whatever technological changes the market encounters.”

Read the statement from CFPB Director Chopra and Chief Technologist Erie Meyer.

Read the Federal Trade Commission’s statement. 

To learn about upcoming opportunities and ways to get involved, read more about the Technologist Program and the CFPB’s work in advanced technology.

Consumers can submit complaints about financial products or services by visiting the CFPB’s website or by calling (855) 411-CFPB (2372).

Employees who they believe their company has violated federal consumer financial protection laws are encouraged to send information about what they know to

This post was originally published here.