RSSThe Consumer Financial Protection Bureau announced two measures last week to provide privacy protections on large technology platforms.
The CFPB proposed an interpretive rule on how the Electronic Fund Transfer Act applies to new and emerging digital payments. Public comments on the proposal will be open through the end of March. The bureau also issued a request for information on how payments companies use consumer data to enable personalized pricing.
“The agency is requesting comments on implementing existing financial privacy law and how to address intrusive data collection and personalized pricing,” according to the CFPB.
Some video game platforms have exclusive currencies that players can use to sell and purchase items and services. Big Tech companies collect and use data in excess of what is required to initiate and complete a transaction, according to the bureau. The data can then be matched with a range of other consumer data — location, social networking and browsing history — to enable personalized pricing, according to the bureau.
The fate of the proposals are in doubt as they were issued less than two weeks before President-Elect Donald Trump takes office and will likely appoint a new CFPB director.
“When people pay for their family expenses using new forms of digital payments, they must be confident that their transactions are not tainted by harmful surveillance or errors,” said current Director Rohit Chopra.
