Reported about 1 year ago
The director of the U.S. Consumer Financial Protection Bureau, Rohit Chopra, called on Congress for greater safeguards against the collection and use of consumer data in payment processing and buy-now-pay-later services. Chopra expressed concerns regarding companies like JPMorgan Chase & Co and PayPal planning to use customer payment data for targeted advertising, emphasizing the need for legislative action to prevent financial surveillance and censorship. The CFPB also issued rules treating buy-now-pay-later services as credit card providers and requiring them to resolve disputed charges and provide refunds.
Source: YAHOO