AFSA Supports Consumer Access to Financial Records
The American Financial Services Association (AFSA) wrote to the Consumer Financial Protection Bureau (CFPB) in support of allowing consumers to access their financial records and be able to share that data securely. In response to the CFPB’s advanced notice of proposed rulemaking to implement Section 1033 of the Dodd-Frank Act, which provides for consumer access rights, AFSA provided feedback on how the agency can navigate the line between providing consumers increased access to information while ensuring that their sensitive information is protected.
AFSA’s comments noted that given the complexities of the rule, its interaction with international, national, and state laws, along with the implications for non-public personal information, the CFPB should allow financial institutions to make broad use of the exemption authority granted by Section 1033(b) and clearly address the conflict between laws and regulations protecting consumer data and Section 1033’s requirement to share it.
February 8th, 2021 by Dan Bucherer