press release
CBA Statement On CFPB’s Section 1033 Notice of Proposed Rulemaking
Weston Loyd
Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement after the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking on the implementation of Section 1033 of the Dodd-Frank Act regarding consumer data rights.
“CBA member banks continue to support a well-regulated marketplace that fosters competition, spurs innovation, and provides consumers the certainty of knowing their financial data is safe and secure. As consumer expectations regarding the access and control of their personal financial data continues to expand, protecting the integrity of consumer data remains a core priority for all of our member banks.
“Since the passage of the Dodd-Frank Act, the financial services industry landscape has evolved drastically due to the increasing prevalence of non-bank third parties and data aggregators. Consumer data, logins, and passwords are collected and monetized by “agents,” “trustees,” and “representatives,” presumably acting on their behalf, but operate without consumers’ control or even awareness. Many of these entities that are collecting, storing, and selling this consumer information are not subject to the same rigorous data security and privacy standards as well-regulated and supervised financial institutions, putting consumers and their sensitive financial information at risk.
“CBA looks forward to working with the Bureau on developing a final Section 1033 rule that achieves the statutory intent of the law to ensure consumers have greater access to their own personal financial data, and that uniformly protects consumers’ data across banks and non-banks, establishes clear liability standards for all parties, and affords consumers control in how their data is accessed and used.”