Senior representatives from the Consumer Financial Protection Bureau and the European Commission have been meeting to discuss the three contentious "priority areas" in an attempt to coordinate strategies, exchange best practices, and exchange experience.

Concerns about excessive debt have been raised by BNPL's recent rise in popularity on both sides of the Atlantic, which the EC predicts will result in a major increase over the next ten years.

Regulators in the US and Europe have been addressing Big Tech's growing influence in finance, particularly in payments, in the meantime. Apple's digital wallet has sparked antitrust concerns from the CFPB and the EC.

Regarding AI, officials engaged in discussions regarding the differences and similarities in the legal and regulatory frameworks concerning consumer finance. Additionally, they exchanged information on the types of AI and automated decision-making use cases that firms in each jurisdiction are deploying.

The EC Commissioner Didier Reynders and the CFPB Director Rohit Chopra released the following statement: "It is imperative that the US and EU coordinate on the firms, products, consumer trends, and risks that span the Atlantic." On a significant range of topics, our staff members have exchanged knowledge, best practices, and insights."

Their continued dialogue emphasizes the collaborative effort to ensure that consumers across the Atlantic have their financial data and privacy respected rather than surveilled and misused. It also highlights the importance of retaining meaningful choices in competitive consumer finance markets, avoiding fraud and manipulation, and providing consumers with the necessary tools to seek recourse when issues arise.