Antitrust Antitrust

US banks' reliance on small number of cloud, service providers poses resilience, visibility issues, CFPB chief says

US banks’ dependence on a concentrated group of cloud and service providers to which the institutions are outsourcing back-office operations has raised raised regulatory concerns about visibility into these providers’ operations and finances, a US government consumer watchdog’s chief said today.

Rohit Chopra, head of the US Consumer Financial Protection Bureau, also raised doubts

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