CFPB and FTC Keep Pace with Rapidly Advancing Technologies

  • The CFPB and FTC each issued an action statement on its enforcement plans to address emerging technologies.
  • The CFPB’s statement set forth short-term goals to address transformative technologies such as embedding more technologists over the bureau’s core functions, conducting research and analysis on the application of these technologies in consumer finance, and issuing policy guidance to ensure a competitive marketplace.
  • The FTC’s statement focused on recognizing the need to strengthen law enforcement capacity through increased technical expertise due to the increasing digitization of the economy, and recognizing the need to strengthen international agency cooperation at the technical-expert level.