The Consumer Financial Protection Bureau (CFPB) on Tuesday released its final Personal Financial Data Rights rule, which incorporates key pro-consumer changes urged by community advocates during the rulemaking process.
Jesse Van Tol, President and CEO of the National Community Reinvestment Coalition (NCRC), released the following statement:
“I applaud the CFPB for continuing to deliver smart and strong rules to fulfill the mandates Congress gave the agencies nearly 15 years ago in the Dodd-Frank Act,” said Van Tol. “Good rulemaking requires the agencies to listen. NCRC and our members advocated for a secure use of secondary data that would allow for research and provide better services to consumers. Today, the agency showed that it takes community input seriously.
“The resulting rule is a big win for everyday Americans who are tired of being exploited by unscrupulous actors in the financial services industry who treat consumer data as another revenue stream. The final rule will not just give consumers more control over their financial lives. It will also allow honest actors in the fintech industry to continue innovating both on product offerings and fraud protections.
“Regulatory stories aren’t glamorous , but they’re important. That’s why NCRC led the push to ensure that the CFPB’s strong and promising initial proposed rule blossomed into the even more effective set of policies unveiled today.”
Previously from NCRC:
- The CFPB Wants To Put You Back In Charge Of Your Personal Financial Data
- Joint Statement in Support of CFPB 1033 Rulemaking
