Specifically, Rohit Chopra, Director of the United States Consumer Financial Protection Bureau, and Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission, announced the commencement of an informal dialogue between their respective organisations. This dialogue focuses on various critical consumer financial protection issues. According to the official press release, since the announcement, both entities have held three meetings involving senior staff and subject matter experts to deliberate on shared priority areas.
In a joint statement, Director Chopra and Commissioner Reynders emphasised the increasing similarity of consumer finance markets across jurisdictions over the past decade. They highlighted the importance of coordination between the US and EU on matters such as firms, products, consumer trends, and risks spanning the Atlantic. Key topics discussed included the expansion of Big Tech’s financial services offerings, implications for consumer privacy and competition, evolution of the payments system, deployment of artificial intelligence (AI), and the emergence of products such as Buy Now, Pay Later.
The three staff-level sessions between the CFPB and the European Commission addressed specific areas:
Mairead McGuinness, Commissioner for Financial Services, Financial Stability and the Capital Markets Union, and her senior staff have been actively involved in these discussions, particularly concerning issues within her direct competence in the European Commission.
On 20 February 2024, Director Chopra and Commissioner Reynders reaffirmed their commitment to the ongoing informal dialogue during a meeting in Brussels. They agreed to convene an annual principal-level meeting and bi-annual staff level meetings to address shared priorities and emerging issues.
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