US Treasury Secretary Janet Yellen highlighted the growing issue of fraud within the banking system, stating it has become a significant problem. In response, her department is now employing artificial intelligence to detect and address these fraudulent activities.
Rohit Chopra, director of the Consumer Financial Protection Bureau, will address DC Fintech Week as the bureau finalizes a rule mandating financial firms to provide free access to personal financial data upon customer request. This regulation aims to enhance competition and facilitate easier account switching for consumers. While the American Bankers Association expressed concerns over data security, the Financial Technology Association welcomed the move as a means to boost innovation and consumer choice.
The debt collection industry, bolstered by private-equity investments, opposes a federal proposal to remove medical debts from credit reports, arguing it could lead to increased defaults and reduced revenue for healthcare providers. While proponents believe it would alleviate financial burdens on consumers, critics warn it may result in more lawsuits and hinder lenders' ability to assess borrowers' financial health. The debate highlights the broader issues within the U.S. healthcare system, where rising medical costs have left many Americans with significant debt.
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