“Banks have long supported consumers accessing their own data, but believe it should be done in a safe and sound way that provides them with control,” says ABA VP Ryan Miller. With respect to Section 1033 of the Dodd-Frank Act, the CFPB “has attempted to put that into place here.”
Special-purpose credit programs build on data sharing to expand lending outreach.
Banks turn passively loyal customers into brand advocates by investing in the proper data foundation to personalize the customer experience.
The federal regulatory agencies this week announced updates to their spring rulemaking agendas for 2022. Among the CFPB’s priorities are the Dodd-Frank Section 1071 final rule, which is projected for March 2023 and addresses the collection of small business lending data.
The CFPB is seeking public feedback “related to relationship banking and how consumers can assert the right to obtain timely responses to requests for information about their accounts from banks and credit unions with more than $10 billion in assets, as well as from their affiliates,” according to a request for information issued today.
The Consumer Financial Protection Bureau on Friday announced updates to its rulemaking agenda for fall…
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.
President Biden today issued a wide-ranging executive order on competition issues across the U.S. economy.
ABA and a coalition of financial trade associations today voiced their support for allowing customers to access financial records and to share that data securely.
The Consumer Financial Protection Bureau today issued an advance notice of proposed rulemaking on consumer-authorized access to financial records.