The Innovation, Data, and Commerce Subcommittee Chair recognizes the importance of family digital wallet apps, like REGO, being COPPA certified.
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BLUE BELL, Pa., May 2, 2023 – Rego Payment Architectures, Inc. (“REGO”) (OTCQB: RPMT), a leading white-label family digital wallet platform provider for financial institutions, 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.
REGO is a digital solution that enables children to stay safe in today’s tech-first environment. The REGO Digital Wallet platform, Mazoola®, allows parents and guardians to enable online shopping or digital spending at approved retailers, control what funds are available for which purchases, and reward children or pay allowance via the app. REGO is an innovative financial platform uniquely positioned due to its Children’s Online Privacy Protection Act (COPPA) and General Data Protection Regulation (GDPR) compliance. Visit REGO at regopayments.com.
Nardos Yosef, Alloy
On behalf of Rego Payment Architectures, Inc.
Safe Harbor Statement
The information in this press release may contain forward-looking statements on REGO’s current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties, and assumptions about REGO that may cause the actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from REGO’s expectations include, but are not limited to: REGO’s ability to raise additional capital, the absence of any material operating history or revenue, REGO’s ability to attract and retain qualified personnel, the ability to develop and introduce a new service and products to the market in a timely manner, market acceptance of REGO’s services and products, REGO’s limited experience in the industry, the ability to successfully develop licensing programs and generate business, rapid technological change in relevant markets, unexpected network interruptions or security breaches, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments, intense competition with larger companies, general economic conditions, and other risks as described by REGO in Item 1.A “Risk Factors” in REGO’s most recent Form 10-K; other risks to which REGO is subject; other factors beyond REGO’s control. All subsequent written and oral forward-looking statements attributable to REGO, or persons acting on REGO’s behalf, are expressly qualified in their entirety by the foregoing. REGO has no obligation to and does not undertake to update, revise, or correct any of these forward-looking statements after the date of this report.