ABA Statement on CFPB Personal Financial Data Rights (Section 1033) Proposed Rule

“As we have stressed throughout this rulemaking process, America’s banks firmly believe that customers own their own financial data, and no industry goes to greater lengths to protect that data than the banking sector. Today’s long-awaited proposed rule brings us one step closer to achieving our common goal of enhancing consumers’ access to their financial data and allowing them to share it safely with companies of their own choosing, whether that sharing is from bank to bank, bank to fintech, or fintech to bank.

"The principles-based approach taken by the CFPB to date has allowed for market-led efforts to innovate and standardize secure data access, and we hope this proposal will continue to support this progress. While we are evaluating the full scope of the proposal, we welcome the contemplated move away from screen scraping, the role of an industry standard-setting body, and the clarification around nonbanks' obligations to protect consumer privacy. However, it is critical that the Bureau right-size the scope of the rule pertaining to the types of accounts involved and the information data providers are required to share, as well as addressing the question of liability if something goes wrong. In addition, we remain concerned with the significant implementation costs our members will face, as well as the ambiguity caused by the CFPB’s parallel efforts in amending the Fair Credit Reporting Act.

“Further, as we stated in our 2022 petition to the CFPB, we firmly believe that other entities that are granted access to consumers’ data must be held not only to the same high standards but also to the same level of supervision related to data security, privacy, and consumer protection that banks must meet every day. We look forward to continuing to work constructively with the Bureau to achieve these and other vital objectives in the final regulation.”