Unpacking Digital Data Laws Across Europe: Addressing the Digital Markets Act
The EU Digital Markets Act (DMA) is set to revolutionize the way in which so-called ‘Big Tech’ is regulated in the EU, shifting toward ex-ante rulemaking and away from traditional after-the-fact enforcement. The DMA imposes a stringent regulatory regime on large online platforms (so-called “gatekeepers”) and gives the European Commission (Commission) new enforcement powers, including an ability to impose severe fines and remedies for noncompliance.
CFPB Begins Rulemaking on Data Access and Portability
The Consumer Financial Protection Bureau (CFPB) on October 27, 2022 took the long-anticipated first step to issue a regulation implementing Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This followed a preview by CFPB Director Rohit Chopra at the Money 20/20 conference on October 25 in which he outlined the “CFPB’s new approach to regulation,” which is designed to create “catalysts for more competition.” With respect to Section 1033, Director Chopra said that the CFPB is “exploring safeguards to prevent excessive control or monopolization by one, or even a handful of, firms” and will be working toward avoiding regulations that could be “rigged in favor of some players over others.” Director Chopra’s focus on competition as an essential element of consumer protection has been a hallmark of his directorship.