The CFPB has filed an amicus brief in the case of Arora v. TransUnion to make sure that credit reporting companies are held accountable for junk data. consumerfinance.gov/ask-cfpb/what-… Credit reports serve as economic gatekeepers, so when they are filled with errors, consumers pay the price.

Today, the CFPB proposed a rule that would accelerate a shift toward open banking, where consumers would have control over data about their financial lives and would gain new protections against companies misusing their data. consumerfinance.gov/about-us/newsr… The proposed Personal Financial Data Rights rule activates a dormant provision of law enacted by Congress more than a decade ago.

In 2022, nearly 40% of the US population used a bank’s chatbot and that figure is expected to grow. Today, the CFPB released an issue spotlight on the impact of chatbots on consumers of financial products and services. consumerfinance.gov/about-us/newsr… All top 10 commercial banks in the country use chatbots of varying complexity to engage with customers, but poorly deployed chatbots can undermine customer service. Instead of finding help, consumers can face repetitive loops of unhelpful jargon.