I was very encouraged to hear my Republican colleagues' support for your mission, and that they agree with roughly 80 percent of Americans that you are doing something useful here.
Editor's note · Context
Foster acknowledges bipartisan support for the CFPB's mission despite recent funding cuts.
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Since the Consumer Financial Protection Bureau opened its doors in 2011, it has served as the cop on the beat, protecting consumers from unfair, deceptive, and abusive practices.
Many financial firms I talked to just told me that a reliable form of digital ID would really simplify the Anti-Money Laundering/Know Your Customer (AML/KYC) process, and make it faster, cheaper, and more reliable when they have to confirm the identity of customers.
Yes. For example, if this was in place during COVID, when we had to onboard massive numbers of unbanked customers, but the customers had had a secure digital ID, would that have been a big improvement in our response to COVID?
Yes. Do any of our other witnesses have any comments on this area, the utility of a national standard for a secure digital ID provided by States?





