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October 06, 2023

Consumer watchdog wants expanded oversight of payments

Rohit Chopra

The director of the Consumer Financial Protection Bureau told an audience Friday that the agency was preparing fresh guidance, a proposed rule and other measures to strengthen federal oversight of the U.S. payment system.

The speech from CFPB Director Rohit Chopra focused on the existing legal fuzziness between banks and commercial firms when it comes to processing payments, particularly related to “private digital dollars” and other virtual currencies.

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