Brussels: Europe and the Arabs
The European Commission in Brussels said today, Tuesday, in a statement that the Commissioner for Justice, Didier Reynders, and the Director of the US Consumer Financial Protection Bureau (US CFPB), Rohit Chopra, participated yesterday in the launch of an informal dialogue between the European Commission and the US CFPB on consumer financial protection.
According to the European statement, the dialogue will focus on a group of important financial issues related to consumer protection, including digital developments in the financial sector and their impact on consumers.
It aims to exchange expertise and technical skills, as well as coordinate the most pressing political issues, such as automated decision-making and data processing in financial services; new forms of credit, such as “buy now pay later” products; Consumer indebtedness and digital transformation.
Justice Commissioner Didier Reynders added: “The digitization of financial services poses challenges for consumers in both the EU and the US, from inflationary pressures that increase the risk of over-indebtedness, the increase in large-scale digital payment technologies or the use of artificial intelligence technologies. Through informal dialogue, we will be We are able to exchange knowledge and experience, exchange technical skills and coordinate with our counterparts in the United States to ensure better protection for consumers on both sides of the Atlantic.”
As part of the informal dialogue, the Commission and the US Consumer Protection Bureau will meet at least once a year. The dialogue also includes meetings between senior officials and experts, as well as round tables with consumer associations, industry representatives and other stakeholders.