Chopra Warns Massive Data Collection By Big Firms Risks Enabling Surveillance State Like China's

Rohit Chopra warned that vast collection of Americans' financial data by few large firms could make US like China's surveillance model.

Chopra wants new regulations requiring payment firms to disclose more on personal data use and private currencies.

Chopra fears US lurching toward consolidated market like China that enables excessive surveillance and even financial censorship.

Chopra said CFPB considering new rule to supervise non-bank platforms that provide services to financial sector, to limit surveillance.

Chopra said CFPB prepared to take new actions on digital currencies, like requiring more info from tech firms and new examinations.