Giving it a front row seat to democracy. Look at scams on the Digital Payment platform consumer advocates testify on how congress could address the issue by Holding Banks accountable and incentivizing them to prevent such scams. Witnesses include a College Student and a retiree who share their experiences of getting scammed by the service. This is about two hours. [inaudible] thank you to make cochairman of the subcommittee the permanent subcommittee on investigations we Work Together on a bipartisan basis. Very pleased to welcome you to this hearing. On investigation entitled stirring on fraud alert shedding light. Ill give an Opening Statement to be followed by Ranking Member. The banks of america have a dirty little secret. It is called zelle its not just to sell its other paid platforms, apps that people used to transfer money among their Bank Accounts. The cell is nearly instantaneous. Almost always irreversible and it is owned by banks. In fact, zelle is the largest. Too. Payment
Thank you to our panelists. We have an Excellent Program the rest of the day but we will have a quick break before the. Just stay seated and we will get you started. If everyone could take their seats, were going to keep the program rolling. Rolling, rolling, rolling. It is that was a lively and fantastic first panel that cover the waterfront, from credit card reward points to cryptocurrency, from payment nerds to real life, what do you do when you need to access your money. And real life is really the focal point of our next speaker. Director rohit chopra has been running the cfpb. And i like to say whether you agree or disagree with what the cfpb is doing, they are doing. And that itself is a massive accomplishment in washington which i think is often underappreciated. Time in government is finite. The ability to effectuate change is one metric that we ought to judge Public Servants by. We can do a separate weather we think it was changed for the good or ill. But i can think of very
I would give americans realtime access. All right. That is all the time we have. Thank you for joining us. Thank you so much to our panelists. We have anis excellent program. We have the director. We will have a quick break before then. Just stay seated and we will get you started. If everyone could take their seats, we will keep the program rolling. That was a lively and fantastic first panel that covered the waterfront from crypto currency from payment nerds to real life what do you do when you need to access your money. Real life is really the focal point of our next speaker. The director has been running the cf ptb and i would like to say whetherng you agree or disagree, they are doing. That itself is a massive accomplishment in washington that i think is under appreciated. Time is finite. The ability to effectuate change is one metric that we ought to judge Public Servants by. Whether it was for the good or for the l. I can think of very few people that are as skillful and as impa
Backers say it is necessary to protect consumers. Opponents say it is too broad and could limit competition. This portion of the subCommittee Hearing is about 90 minutes. [inaudible conversations] [inaudible conversations] come to order. Without objection the chair is authorized to declare a re cess for the committee at the committee on Digital Assets Financial Technology will come to order. The chair is authorized to declare a recess at any time. This hearing is entitled bureaucratic overreach or Consumer Protection. Examining the latest action to restrict competition in the payments. Without objection all members will have five legislative days to submit extraneous materials for inclusion in the record. I want to recognize myself for five minutes to give an opening statement. Todays hearing bureaucratic overreach or Consumer Protection examining the cfpb latest action to restrict competition and payments in my view is critical. It will talk about this large participants in the genera
The speculations about peoples participation very low statistics and sometimes up to a tenth of the obtained statistics were mentioned, and we saw that all the selected candidates had relatively good and acceptable statistics. What has been usual in the second phase elections, usually, well , naturally, the Participation Rate from the first phase has always been lower, but we are in this phase. From the participation of the previous round, i. E. The second stage of the previous round , the participation was more, i think it was almost 67 or 6 more than the second stage of the previous round. The most features of electronic elections kurd shahcheri stated that the election headquarters and the ministry of interior have the capacity to move towards electronic elections in the future period as well. He said the vote is the trust of the people, it should be taken care of in a natural way, and the Electronic Fund does such an action. In addition, the electronic box keeps the vote secret and