Biden Issues Executive Order Promoting Market Competition
President Biden issued an Executive Order (the “Order”) on issues related to market competition in the U.S. economy. Among other provisions, the Order calls on the Consumer Financial Protection Bureau (CFPB) to complete its rulemaking of Section 1033 of the Dodd-Frank Act to facilitate financial data portability and promote consumers’ rights to access and control information about their accounts.
AFSA previously commented on the CFPB’s Advanced Notice of Proposed Rulemaking (ANPR) addressing these consumer rights and 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.
In addition, the Administration directs the CFPB to enforce the prohibition on unfair, deceptive, or abusive acts or practices consistent with the authority granted to them under Section 1031 of Dodd-Frank.
Finally, the Administration directs the Treasury Department to report on the effects of large tech companies’ and other nonbanks’ entry into financial services.
July 13th, 2021 by Dan Bucherer