The Consumer Financial Protection Bureau has asked consumers
for their input on difficulties accessing,
using, and securely sharing their financial records. The bureau also wants to
know how much choice consumers have over the use of their records, how secure
it is for them to share their records, and the amount of control they have over
their records.
The CFPB said its
goal is to foster an environment where competing providers can securely obtain,
with the consumer’s permission, the information needed to deliver innovative
products and services that will benefit consumers.
“The technology
around digital financial records continues to develop, and so far there are
many unanswered questions about how the information is being shared, by and to
whom, and how safely,” CFPB Director Richard Cordray said in prepared remarks for
a field hearing on consumer access to financial records. “As with any emerging
industry, we are hearing about some bumps in the road. Both FinTech
companies and financial institutions, as well as consumer groups, are
describing to us the various challenges, risks, and technological obstacles to
further progress in this area.”
Request for information. The
bureau is seeking public comment through a Request for Information to better
understand the consumer benefits and risks associated with market developments
that rely on access to consumer financial account and account-related
information. Specifically, the CFPB is seeking information from
consumers on:
- whether consumers are being given appropriate opportunities to access and allow others to securely access their personal financial records and what business burdens must be addressed to facilitate access and use of financial records;
- what options consumers are given for ensuring that financial records are securely obtained, stored, and used; and
- what information consumers are given about how their records will be accessed and used and to what extent consumers are able to control how the information will be used by companies.
Blog post. In a post
to its blog, the bureau asked consumers to share their stories on difficulties
they face when accessing and sharing
their financial records with other financial companies. If consumers are using
products or services that access their financial records stored by another
company, the CFPB wants to know about their experiences. Consumers can comment
on Facebook or Twitter, but those who want to provide more details can share
their stories via the bureau’s website.
For more information about consumer access to financial records, subscribe to the Banking and Finance Law Daily.
