CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » CUNA files petition for CFPB data aggregator rulemaking
Policy & Issues

CUNA files petition for CFPB data aggregator rulemaking

August 2, 2022
CFPBLogo

CUNA joined other trade groups Tuesday in filing a petition with the Consumer Financial Protection Bureau (CFPB) calling for a rulemaking to strengthen privacy and security of consumer data held by fintechs, tech companies, and data aggregators. The is the first time CUNA has used the CFPB petition process that was updated in February.

The CFPB is currently engaged in a rulemaking regarding section 1033 of the Dodd-Frank Act, which establishes standards for the sharing on consumer financial data.

“We believe the CFPB should ensure that data aggregators and data users that are larger participants in the aggregation services market – not just banks and credit unions – are examined for compliance with applicable federal consumer financial law, especially the requirements of the forthcoming 1033 rulemaking, including the substantive prohibitions on the release of confidential commercial information,” the letter reads.

“By the nature of their business, data aggregators hold a tremendous amount of consumer financial data. It is estimated that data aggregators hold the consumer log-in credentials for tens of millions of customers,” it adds. “While consumers may consent to the sharing of their financial data, many of these same consumers are unaware of the activities in which these intermediaries engage, how the information is being collected, and how the data may be used or shared.”

CUNA requested the following specific rulemaking actions:

  • Propose and adopt—through notice and comment rulemaking—an amendment to the regulation defining larger participants of certain consumer financial product and service markets by adding a new section to define larger participants of a market for aggregation services.
  • Define the term “aggregation service” as a “financial product or services” for purposes of Title X of the Dodd-Frank Act.

KEYWORDS CFPB
Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • Compliance: FinCEN issues issue BOI reporting guidance

  • Bill would establish ‘appropriate compliance timeline’ for section 1071

  • CUNA Mascot Madness: One semifinal set; Vote for the best in the West

Tweets by CUNA_News

Polls

CUNA Mascot Madness: Which South Region mascot is your favorite?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us