Big Tech companies and popular apps now control more and more of the consumer payments system. Today, the Consumer Financial Protection Bureau proposed a rule to subject the biggest players to similar inspections currently required of banks. Many payment platforms embed their technology in mobile devices that gives them the power to surveil and censor. The Consumer Financial Protection Bureau is proposing enhanced oversight to ensure that they are following the law when it comes to privacy, fraud, and more. Earlier this year, we issued a national consumer advisory to warn the public that funds stored in popular payment apps may not be insured and could lose their value in the event of a failure. https://lnkd.in/eCAqS4N5 We also issued a detailed analysis on the regulations that Apple and Google impose when it comes to using the “tap-to-pay” feature on their mobile device. https://lnkd.in/eMirGkdC
Andrew Chege
1 年
Consumer protection is critical in payment systems globally without compromise.
President/CEO, Disaster Smart Consulting Inc
1 年In my personal opinion, ESG is nothing more than a political correctness campaign that attempts to introduce a new class of winners and losers in the financial markets, but will have little to no effect on Climate Change. The real issue facing us is adaptation of our built environment to withstand Climate Change events by minimizing damage to structures and reducing economic loss to at risk communities. There is nothing "green" about an energy efficient building or focusing on energy efficient upgrades if part or all of the structure end up in a landfill. In order to complete the adaptation of our built environment, energy savings is secondary to stronger building and remodeling practices applied to structures so they can survive the impacts of natural and man made disasters like wildfire, tornadoes, hurricanes, earthquakes, floods, and storm surge. In order to achieve this, focusing on stronger building codes along with low cost energy and transportation costs will reduce the inflationary costs and pressures on the construction and manufacturing industry. Not to mention the investment and financial sectors which are increasing risk aversion to the insurance products consumers need in order to maintain affordable housing.