On July 17, Rohit Chopra, Director of the U.S. Consumer Financial Protection Bureau (CFPB) and Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission (EU Commission) announced the start of an informal dialogue between the EU Commission and the CFPB on critical financial consumer protection issues. The informal dialogue would focus on financial consumer protection issues resulting from the digitization in the financial sector including the loss of consumer control over their personal data, expansion of automated decision making, development of new product and service offerings, such as Buy Now, Pay Later, and utilization of digital payments. The informal dialogue was sparked by general concerns that the these digital developments, if not properly regulated or managed, may result in increased fraud, reduced competition, unfettered control over consumer data and steering consumers to expensive customized products. The CFPB and EU Commission plan to continue an open dialogue to share insights, experience and technical expertise on policy issues related to: 

• Automated decision making and processing of data in financial services, including the deployment of AI, and the related opportunities and risks for consumers such as misuse of data and violation of financial privacy rights;
• New forms of credit such as 'Buy Now, Pay Later" and associated risks;
• Digital transformation that ensures fair choice and access to financial services for consumers, including consumers who want to protect their own data; and
• Implications for competition, privacy, security and financial stability of Big Tech companies offering financial services.