CFPB Hearing, RFI Evaluate Consumer Access to Financial Records

November 17, 2016

On Thursday, November 17, 2016, the CFPB hosted a field hearing in Salt Lake City to discuss challenges consumers may encounter when trying to use and access their digital financial records.  In coordination with the hearing, the Bureau published a request for information (RFI) on the subject, posing 20 questions on current market practices and how market practices should change over time.  Comments are due 90 days from publication in the Federal Register. 

 

In his remarks, CFPB Directory Richard Cordray explained the Bureau’s “main goals [is] to encourage innovation that promotes opportunity and to protect consumers as these new and promising technologies continue to develop.”  Further, he said “the Bureau wants to know to what extent consumers can authorize data aggregators to access their digital financial records on their behalf and to share those records in accord with the consumer’s instructions,” and he remarked “it is unacceptable for financial institutions to block access to consumer information as a means of gaining a competitive advantage in the marketplace.”