RSSThe Consumer Financial Protection Bureau plans to hire more technologists to continue researching emerging technologies, said Director Rohit Chopra and Chief Technologist Erie Meyer in a March 26 report.
The hiring of tech-skilled workers comes amid ongoing advances in banking technology and the rising use of generative artificial intelligence. The CFPB has already recruited tech-skilled workers who now work in enforcement investigations, supervisory examinations and other regulatory proceedings. Those employees now assess the use of algorithms and AI in lending, ensure compliance with federal law, and spot deceptive dark patterns.
The CFPB has also researched how technology is being used in consumer finance, such as generative AI in customer service. Last November, the bureau announced its plan to supervise large nonbanks that offer digital wallets and payment applications. The proposal would cover companies handling more than 5 million transactions per year, including payment processors such as Amazon, Meta, Google, Square and PayPal.
“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 Director Rohit Chopra. “Our technologists help the agency enforce existing laws and track emerging risks to consumers to ensure American families are protected through whatever technological changes the market encounters.”
