The project, headed by EU Commissioner for Justice and Consumer Protection Didier Reynders and CFPB Director Rohit Chopra, is said to be intended to promote coordination and collaboration on a number of important problems that impact consumer financial markets in both areas, according to The Paypers. Since its launch, the discussion has already resulted in three staff-level sessions where senior staff and subject matter specialists discuss common problems and goals.

The understanding that the consumer finance markets in the US and the EU are becoming more linked and that navigating the complexity of contemporary financial systems would require cooperation is at the core of these debates. The entry of Big Tech firms into the financial services industry, the development of digital payments, the use and consequences of artificial intelligence (AI), and the growing prevalence and dangers of Buy Now, Pay Later (BNPL) schemes are some of the major subjects being examined. Understanding these areas is essential to understanding the state of consumer finance now and where it is headed, particularly in light of worries about consumer privacy, competitiveness, and excessive debt.

The emphasis on BNPL and how it affects consumer debt levels in the US and the EU, as well as the talks about fraud, digital payment access, and the regulatory issues raised by Big Tech's growing influence in consumer finance, are especially notable. Mairead McGuinness, Commissioner for Financial Services, Financial Stability, and the Capital Markets Union, has contributed to these talks with a depth of knowledge, particularly on subjects that fall within her purview.

On February 20, 2024, Director Chopra and Commissioner Reynders met in Brussels to discuss the continuation of this discourse, reaffirming their commitment to this transatlantic partnership. To continue discussing common objectives and new concerns, they decided to host biannual staff meetings in addition to yearly principal-level meetings. A concerted effort is being made to unify regulatory frameworks, safeguard consumer interests, and promote innovation and stability in the global financial ecosystem through this continuing debate.

Director of the CFPB Rohit Chopra stated, "A unified approach to regulation and oversight is necessitated by the convergence of consumer finance markets across borders." The "importance of international cooperation in addressing the challenges and opportunities presented by the digital transformation of financial services" was emphasized by EU Commissioner Didier Reynders, who shared similar attitude.