Bureau joins regulators’ vow to hire more technologists to meet AI, data-intensive challenges

Increasing tech capacity – including by hiring more technologists – to help enforce laws and design remedies for consumers and others is the aim of a joint regulatory statement issued Tuesday.

The Consumer Financial Protection Bureau (CFPB) joined several other federal agencies, at least one state, and about 20 international agencies in issuing the statement. The bureau was the only federal financial institution regulator to issue the statement.

The agency indicated that, for its part, the statement encompasses several goals. Those include:

  • Embedding more technologists across the CFPB’s core functions.
  • Conducting research and analysis on the application of emerging technologies.
  • Advancing competitive marketplaces and assisting law abiding firms.

The CFPB said it recognizes that market participants are “adopting new data-intensive business practices at every stage of the consumer finance lifecycle, from marketing and loan origination to credit reporting and collections.” The bureau added that large technology conglomerates are increasingly entering a number of consumer finance markets.

“From cracking down on data abuses and shoddy AI (artificial intelligence) to tracking Big Tech’s movement into financial services, technology is fundamental to the CFPB’s work,” said CFPB Director Rohit Chopra in a statement. “Our technologists help the agency enforce existing laws and track emerging risks to consumers to ensure that American families are protected through whatever technological changes the market encounters.”

CFPB Joins Federal and State Agencies in Coordinated Statements on Tech & Enforcement

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