The Consumer Financial Protection Bureau’s (CFPB) rulemaking on personal financial data rights has the capacity to fundamentally transform financial services. That’s what CUNA submitted on Wednesday to the CFPB’s Small Business Advisory Review Panel for its rulemaking on personal financial data rights in section 1033 of the Dodd-Frank Act.
CUNA’s comment letter—along with a joint letter sent the same day with other financial services organizations—also included a number of recommendations for the CFPB.
“[D]edication to credit union members includes ensuring their members maintain the rights of access to their personal financial data and that the information remains safe, secure, accurate, and private,” the letter reads “With this in mind, we ask the Bureau to consider the recommendations delineated below when designing the rules to foster innovation and improve the lives of consumers.”
These recommendations encourage the CFPB to:
Engage in a rulemaking defining larger participants in the aggregation services market.