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ReadersSpeak

Is the CFPB's recent Will we have more Operation Choke Point-style action?
order a wake-up call? I applaud the ETA for speaking out about the industry's
N ews of the Consumer efforts to safeguard data and willingness to work with

the CFPB. ETA CEO Jodie Kelley said in a press release:
Protection
Financial
“One of the hallmarks of the digital transactions industry
for
demand
Bureau's
information from Amazon,
tokenization, we devote enormous resources to keeping
Apple, Facebook, Google and PayPal about how they is protection of consumer data. From encryption to
gather and use consumer payment data gave me pause. digital transactions secure." She also pointed out that the
industry works constantly to detect and address fraud
I realize the CFPB's stated intent is to protect consumers and has "a good story to tell" about its efforts to protect
from privacy breaches, fraud and anticompetitive behavior. consumer data.
I also believe the tech giants named operate in ways
that most of us, including lawmakers, don't understand. I believe it will take more of us being involved to create a
Indeed, CFPB Director Rohit Chopra stated that big tech beneficial balance between government and industry. So
companies "are eagerly expanding their empires to gain let's get going.
greater control and insight into our spending habits" but aleigh Manning
little is known publicly about how these companies "will Merchant Level Salesperson
exploit their payments platforms." Balancing freedom and protections

But I can't forget the FTC's overreach with Operation Choke Thank you to Raleigh Manning for sharing his concerns
Point, which kept going after ISOs even after the operation here. What's your take on the interplay between enterprise
was supposedly shut down in 2017. The CFPB said it will freedom and limiting harm caused by bad actors? And
study the payment system practices of Chinese tech giants what's the best way to oversee companies whose inner
Alipay and WeChat Pay. Is it only a matter of time before workings are difficult to comprehend? Share your thoughts at
the CFPB demands the same of leading acquirers in the greensheet@greensheet.com.
United States? Will other federal agencies get involved?