Americans for Financial Reform – Letters to Regulators: 17 Organizations Comment on CFPB Request for Information Regarding Consumer Access to Financial Records, February 21, 2017.
“…Thank you for this opportunity to respond to the Consumer Financial Protection Bureau’s (“CFPB”) request for information regarding consumer-permissioned access to financial account and account-related data in usable electronic form. The undersigned organizations submit this response to support consumer choice regarding access to their financial records. There is a growing array of services that use consumers’ financial account information to provide financial analysis and facilitate offers of services to consumers. These services can support consumers in making fully informed financial decisions, including by aggregating information from multiple providers and efficiently facilitating consumer applications for financial services. Consumer-permissioned data access enables consumers to monitor accounts with multiple providers and more easily comparison shop for financial services. In turn, these tools support consumers’ control over their day-to-day, month-to-month finances and their freedom of financial choice. We therefore strongly support Section 1033 of the Dodd-Frank Act, which requires that banks and brokers allow consumers to access their own data…”