'There are some questions' about how payment service companies make decisions: C...
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'There are some questions' about how payment service companies make decisions: CFPB Director
'There are some questions' about how payment service companies make decisions: CFPB Director
Payment services such as Apple Pay (AAPL) and Google Pay (GOOGL) are starting to become the favored way for many Americans to make purchases. But how are these companies collecting and using the data they are gathering about customers? That's something Consumer Financial Protection Bureau Director Rohit Chopra wants to find out. In an exclusive interview with Yahoo Finance's Jennifer Schonberger, Chopra raises concerns about how payment service companies are using the data they collect. "Are they using that to potentially not just have targeted ads, but maybe move to a world with personalized pricing?" Chopra goes on to stress that privacy is at the heart of the CFPB's activities saying "we want to make sure that financial privacy is not something that is fake in this country." Click here to watch Chopra's take on the banking crisis. Key video moments 00:38 Chopra on whether stablecoins pose a systemic risk 02:57 The "extremely rapid adoption" of payment services apps 04:27 Other companies concerned about using tap function on Apple devices 05:22 Discusses potential payment services regulation 06:00 Role of big tech & cloud service providers 07:40 Chopra discusses rule on collecting racial, demographic data on small business loan applicants
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'There are some questions' about how payment service companies make decisions: CFPB Director Yahoo Finance Video
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CFPB director talks stablecoins, online payment platforms, data collection, small business loan biases
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Payment services such as Apple Pay (AAPL) and Google Pay (GOOGL) are starting to become the favored way for many Americans to make purchases. But how are these companies collecting and using the data they are gathering about customers? That's something Consumer Financial Protection Bureau Director Rohit Chopra wants to find out.
In an exclusive interview with Yahoo Finance's Jennifer Schonberger, Chopra raises concerns about how payment service companies are using the data they collect. "Are they using that to potentially not just have targeted ads, but maybe move to a world with personalized pricing?"
Chopra goes on to stress that privacy is at the heart of the CFPB's activities saying "we want to make sure that financial privacy is not something that is fake in this country."
Click here to watch Chopra's take on the banking crisis.
Key video moments
00:38 Chopra on whether stablecoins pose a systemic risk
02:57 The "extremely rapid adoption" of payment services apps
04:27 Other companies concerned about using tap function on Apple devices
05:22 Discusses potential payment services regulation
06:00 Role of big tech & cloud service providers
07:40 Chopra discusses rule on collecting racial, demographic data on small business loan applicants
Video Transcript
JENNIFER SCHONBERGER: Welcome back to Yahoo Finance Live. I'm Jennifer Schonberger. In the midst of the bank failures last month, the largest US stablecoin issue where circle broke its peg to the dollar. This, over the past year after stablecoin Terra crashed and Tether broke its peg. All raising questions about the risks of stablecoins.
Friday, I sat down in an exclusive interview with the Head of the Consumer Financial Protection Bureau, Rohit Chopra, who also sits on the Financial Stability Oversight Council, and asked him whether stablecoins should be designated as systemically risky. My interview.
ROHIT CHOPRA: There is provisions in the law that allow the Financial Stability Oversight Council to designate certain payment activities, payment clearing and settlement as either systemic or likely to become systemic. At a minimum, that could provide a bit more visibility into what is backing these stablecoins, a little bit more insight into how is it going to work across the system, is there eyes and ears? Because if they do get big, if a stablecoin starts riding the rails of a big tech platform or a card network, we could see it rapidly getting adopted. And we need to make sure that there isn't a run on some of these new types of payment systems.
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