The Consumer Financial Protection Bureau (CFPB) is exploring how existing privacy and consumer protection laws can be applied to emerging digital payment systems offered by Big Tech, stablecoins, and other cryptocurrencies.

To enhance safeguards for users of non-bank payment platforms, the CFPB has issued a request for public comment on how companies collect, use, share, and protect consumers’ financial data. Previous research by the bureau revealed that digital payment providers often harvest data far beyond what is necessary for transactions, linking it with other consumer data such as location, browsing history, and social networks. The CFPB warns that this could lead to personalized pricing models where prices are tailored to individual consumer profiles.

The agency is also proposing an interpretive rule to clarify how the Electronic Fund Transfer Act, which protects consumers from errors and fraud, applies to digital payment services, including those tied to tech giants, gaming platforms, and stablecoins. According to CFPB Director Rohit Chopra, consumers need assurance that new payment technologies will not compromise privacy or introduce undue risks. These actions aim to ensure robust regulatory oversight as digital currencies and innovative payment mechanisms become more integrated into everyday financial transactions.