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CFPB Director Rohit Chopra's Remarks at Treasury Department Announcement on Cloud Service Provider Resiliency
Director Chopra participated in an event hosted by Deputy Secretary of the Treasury Wally Adeyemo to announce a series of measures taken by the U.S. government and the financial industry to protect the financial system from risks associated with cloud service providers. The transcript has been lightly edited for clarity.
Thank you all for being here. I would like to begin by echoing the remarks made by the Deputy Secretary.
At the CFPB, we care deeply about making sure that people can actually access their own money. We all have money in bank accounts and other products, and it’s not sitting in a drawer. It’s stored in databases using the most modern technology, and we’ve seen over the last few weeks the problems that arise when people can’t access their money. We’ve seen those problems play out in the Evolve-Synapse fiasco, where so many people across the country are crying out for help. We’ve seen the dangers of how things can go wrong when something happens to these service providers.
As financial regulators, we don't just wait for something to happen. We want to be ready. As the Assistant Secretary pointed out, we are thinking seriously about what financial institutions, large and small, across the system, are doing as they move to the cloud.
The cloud may be a bit of an obscure term, but it’s actually a way to manage a company’s information and data. Most of our daily online interactions involve the cloud, and the market for these products is dominated by a few large service providers tied to well-known technology companies.
We've thought a lot about what happens when something goes wrong. I think we all understand what it means when our power grid goes down or airports close, and the kind of chaos that ensues.
Imagine what would happen to families and businesses in this economic situation if they couldn’t make payments, withdraw money, or do the things they need to do in their daily lives. We need to make sure our cloud infrastructure is resilient, that it’s always running, and that an outage doesn’t create a massive financial crisis.
That’s why we’ve been thinking about how we can work with financial institutions to make sure they can remain resilient 24/7/365. They’ve been there and given us a road map of what we should do. But there’s a lot more we need to do. Do we need to tighten up some of the regulations that govern these big cloud providers? Do we need to make sure that smaller banks and credit unions have enough bargaining power to get their systems up and running quickly, like the big names on Wall Street? We’ve laid out a whole series of measures, a lot of acronyms and technical details, but the goal is to make sure that people can access their money and that our system doesn’t break down.
I also want to thank everyone in the national security community who cares so much about this issue. It's not just about consumers, workers, and small businesses. Protecting our nation's critical infrastructure from malicious actors is also incredibly important. So thank you again for helping to advance this work.
The Consumer Financial Protection Bureau is a 21st-century agency that implements and enforces federal consumer financial laws and ensures that markets for consumer financial products are fair, transparent, and competitive. For more information, visit www.consumerfinance.gov.
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