ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Compliance and Risk

Cordray Signals Openness to Banks’ Perspective on ‘Screen Scraping’

November 17, 2016
Reading Time: 2 mins read

Cordray
Cordray

Consumer Financial Protection Bureau Director Richard Cordray today acknowledged that there are many unanswered questions about the security and technology of allowing consumers to provide third parties access to their personal financial data. At a field hearing on the topic in Salt Lake City, he touted the value that accessing and sharing this data can have for customers but said the bureau is listening carefully to financial institutions’ point of view.

“We have heard that banks, credit unions and others that house this information have operational concerns about when and how they are supposed to share the information with third-party providers,” Cordray explained. “Does the sharing of financial records impose burdens on staff time or other resources? Are there legitimate concerns that the number and frequency of these requests could overwhelm the servers at financial institutions?”

This line of inquiry by the CFPB comes amid many bankers’ concern about a commonly used process called “screen scraping” in which consumers provide their online banking credentials to a third-party app or tool — which can introduce significant fraud, security and compliance risks. Cordray acknowledged these concerns. “Financial institutions that share information likewise should be confident that they will not be exposed to unauthorized or fraudulent transactions resulting from efforts made to access customer information,” he said. “It would be problematic for everyone involved if granting access to third parties were to compromise consumer privacy or put consumers’ funds and account relationships at risk.”

Morgan
Morgan

Testifying during the field hearing, American Bankers Association VP Rob Morgan emphasized that banks are actively developing ways to facilitate safe and secure data access. “Let me be clear, banks fully support and are working to ensure that their customers have the ability to safely share and control their data,” said Morgan. “This is not as easy as flipping a switch, as some have suggested. There is a lot of coordination that needs to go on between our nation’s 6,000 banks, their technology providers, data aggregators and their customers.” In order to promote innovative approaches, he recommended that the bureau avoid new regulations.

“We believe we must get to a place where consumers are able to access and share their financial records with trusted third parties, without undue restrictions,” Cordray said. “We are confident that financial institutions and other companies can develop technological solutions to maintain and transfer these records safely and securely.”

ADVERTISEMENT
Tags: Customer data accessFintechPersonal financial managementThird-party risk
ShareTweetPin

Related Posts

Consumer credit increased in March

Consumer credit increased 1.2% in May

Economy
July 8, 2025

Consumer credit increased at a seasonally adjusted annual rate of 1.2% in May, the Federal Reserve reported.

Justice Department warns of scammers exploiting Texas floods

Justice Department warns of scammers exploiting Texas floods

Compliance and Risk
July 8, 2025

The U.S. Attorney’s Office for the Western District of Texas “is on alert” for fraudsters seeking to exploit individuals and businesses following the recent deadly floods in Texas, according to the U.S. Department of Justice.

OCC sees need for regulatory reform in bank merger process

Business First to buy Progressive Bancorp in Louisiana

Community Banking
July 8, 2025

Business First Bancshares in Baton Rouge, Louisiana, has agreed to buy Progressive Bancorp in Monroe.

New York Fed: Consumer inflation expectations mostly hold steady

New York Fed: Inflation expectations largely unchanged

Economy
July 8, 2025

Consumer inflation expectations in June ticked down at the short-term horizon but remained flat at the medium- and longer-term horizons, according to the most recent Survey of Consumer Expectations.

ABA, groups urge FHA to improve loss mitigation options for borrowers

FFIEC publishes 2024 data on mortgage lending

Community Banking
July 8, 2025

The Federal Financial Institutions Examination Council recently published data on 2024 mortgage lending transactions reported under the Home Mortgage Disclosure Act by 4,908 U.S. financial institutions.

CPFB report claims health savings accounts have ‘hidden costs’

New HSA expansion included in federal budget bill

Human Resources
July 8, 2025

President Trump last week signed a budget bill that included the largest expansions to Health Savings Accounts since they were created in 2003.

NEWSBYTES

Consumer credit increased 1.2% in May

July 8, 2025

Justice Department warns of scammers exploiting Texas floods

July 8, 2025

Business First to buy Progressive Bancorp in Louisiana

July 8, 2025

SPONSORED CONTENT

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

July 1, 2025
AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025

PODCASTS

Podcast: Inside ABA’s new Treasury Check Verification System API

June 25, 2025

Podcast: Staying close to clients amid tariff-driven volatility

June 18, 2025

Podcast: Old National’s Jim Ryan on the things that really matter

June 12, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.