CBA Comment on CFPB SBREFA Outline for Rulemaking on Personal Financial Data Rights

To Whom it May Concern:

The Consumer Bankers Association (CBA) appreciates the opportunity to comment on the Consumer Financial Protection Bureau’s (the Bureau) Small Business Regulatory Enforcement Fairness Act (SBREFA) outline concerning consumers’ personal financial data rights and the pending rulemaking pursuant to Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Under Section 1033, covered persons are required to “make available to a consumer, upon request, information in the control or possession of the covered person… including information relating to any transaction, series of transactions, or to the account including costs, charges and usage data." Such information is to “be made available in an electronic form usable by consumers.”

In general, CBA strongly believes it is imperative that a final rule implementing Section 1033 (i) regulates all participants in the data ecosystem on a level playing field, (ii) prioritizes data security, (iii) protects consumer privacy, and (iv) establishes a clear liability standard. These principles should inform any final Section 1033 rule as follows

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