The vast collection of Americans’ financial data by a dwindling number of large financial firms is one of the ways the United States could end up like China, warned Rohit Chopra, the head of the Consumer Finance Protection Bureau (CFPB).

In a panel discussion hosted by the Brookings Institute on Friday, Chopra made his case for a fresh batch of regulations that would require payment companies to provide more information on their use of personal data and private currencies, including digital currencies. Such disclosures are vital, he said, because private companies have accumulated unprecedented power over Americans’ financial decisions.

“I fear that the U.S. is lurching toward a consolidated market structure like the one that has emerged in China that blurs the lines between payments and commerce, and creates the incentives for excessive surveillance and even financial censorship,” Chopra said in his prepared remarks.

The panel was part of a Friday event hosted in Washington, D.C., titled “Making America’s Payment System Work for a Digital Century.” In addition to Chopra, the gathering featured Federal Reserve Board member Christopher J. Waller. Much of the conversation returned to central bank digital currencies (CBDCs), which many critics have described as a tool of a surveillance state.

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Author: Nicholas Morgan

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