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.

Contact Sean Brown for questions or assistance.

Sean Brown
Sean Brown Director, Regulatory Affairs E:
Contact Us

Other Movement News

Government Affairs

NCUA Board Nomination hearing in U.S. Senate

On Thursday, Oct. 19, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a confirmation hearing for several appointments, including Tanya Otsuka, to the National Credit Union Administration […]

League disappointed with proposed NCUA budget

Ohio’s credit unions not only support the idea of fiscal responsibility but embody it as they remain viable through a historically unstable economic, regulatory, and political environment; thus, it is […]
Member Benefits

Unlocking growth and success through League membership

As a credit union, you and your team work hard to provide relevant, competitive services that help members achieve financial well-being. Likewise, America’s Credit Unions and the League work diligently […]