On Monday, 17 July, European Commissioner for Justice and Consumer Protection Didier Reynders met with the US Consumer Financial Protection Bureau Director, Rohit Chopra, for an informal meeting on a range of critical financial consumer protection issues. The issues discussed during the meeting included:
- Automated decision-making and processing of data in financial services, including AI
- The risks to consumers related to new forms of credit and indebtedness
- Preventing over-indebtedness
- Ensuring digital transformation supports fair choice and access to financial services for consumers
- Implications for competition concerning areas such as privacy and security
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