ABA Highlights Industry Progress to Help Customers Securely Share Financial Data

In a statement for the record shared ahead of a House Financial Services subcommittee hearing on consumer access to personal financial data tomorrow, the American Bankers Association emphasized that it fully supports customers’ ability to access and share their financial data in a secure, transparent manner that gives them control.

With the issue of customer access to financial records on the CFPB’s rulemaking agenda for April 2022, ABA called for the CFPB to provide clarity to allow the market to continue to develop. “We believe [the CFPB]should focus on supporting market developments that are already well underway. Overly prescriptive standards risk undermining the progress that has been made and if not well crafted, may leave consumers exposed,” ABA wrote.

The association added that the CFPB should also clarify that the Gramm-Leach-Bliley Act of 1999, which creates a legal framework for protecting consumer data, applies to financial data throughout its lifecycle. ABA also said that Congress should urge the CFPB to coordinate with banking regulators in any rulemaking and bring data aggregators under direct supervision.