CFPB explores expanded personal financial data rights
Published by: Sean Brown
February 8, 2023 | Regulatory
While your credit union seeks to innovate ways to thwart and fend off the latest cyber-attack, the Consumer Financial Protection Bureau (CFPB) seeks to expand who has the right to member data. The CFPB recently outlined options to strengthen consumers’ access to, and control over, their financial data, including what data is accessible, as well as who can access it. The League submitted a comment letter cautioning against implementing overly broad standards that put your credit unions at a risk that would far exceed the potential benefits to the consumer. As these proposals are early precursors to future rulemaking, the League will be on the lookout for potential rule drafts.
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