BLUE BELL, PA — Rego Payment Architectures, Inc. (OTCQB: RPMT) was invited by the House Commerce Innovation, Data, and Commerce Subcommittee of the U.S. House of Representatives, to provide testimony on April 27, 2023, on the importance of stronger regulations to protect children’s financial data and privacy.
REGO’s Senior Advisor for Cybersecurity and Privacy, Donald Codling, provided the testimony for this hearing, titled, “Addressing America’s Data Privacy Shortfalls: How a National Standard Fills Gaps to Protect Americans’ Personal Information.” Mr. Codling, who worked in the FBI for over 23 years focusing on international cybercrime and national security, advises companies like REGO on how to craft comprehensive cybersecurity and data privacy digital platforms, combining core cyber hygiene, cyber threat intelligence, social media, and data privacy compliance tools.
“What we are experiencing now in the financial industry is the convergence of several trends, that, though individually benign, will collectively cause unnecessary harm to our nation’s children,” remarked Mr. Codling during his testimony. He cited several industry reports that show that increased mobile device usage of children, overall acceptance of cashless payments by consumers and retailers post-pandemic, and the rise in youth engaging in online purchases lead to significant financial privacy risks for individuals under the age of 18. “This ‘perfect storm’ of financial and technology trends is exacerbated by the fact that federal laws and regulations have not kept up with the advent of a cashless society.”
Mr. Codling commented that though federal laws are currently not adequate to make it unlawful for companies to collect and share children’s financial data without a parent’s consent, it must be the responsibility of the private sector to take steps to protect our children’s privacy. “In my experience, no other financial technology company has a child’s financial data and privacy protection so integrated in its foundational strategy other than REGO,” said Mr. Codling.
During the hearing, Committee Chair Congressman Gus Bilirakis recognized REGO as the only certified COPPA compliant financial platform for families and children, stating, “REGO has filled the gaps that exist with GLBA and COPPA by protecting all kids under 18.” Mr. Codling received questions from other members of the committee regarding the types of external threats and the gaps in current data privacy laws.
A recording of the hearing, including REGO’s testimony, can be found at the following web address: https://www.regopayments.com/rego-payment-architectures-inc-invited-by-u-s-house-of-representatives-committee-to-testify-on-stronger-child-financial-transaction-data-privacy-laws/
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