Washington, D.C. — BPI President and CEO Greg Baer released the following statement on the Consumer Financial Protection Bureau’s Section 1033 rulemaking, which governs how banks, data aggregators and other third parties can share consumer financial data.
On initial review, it appears the CFPB’s final rule retains many of the deficiencies and omissions that plagued the proposed rule. Banks have worked for years to establish secure ways to share customer data whenever the customer asks. The CFPB’s rule disrupts this established process, requiring banks to share financial data with any third party without adequate safeguards to ensure the data is protected from fraud, misuse and abuse.
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The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.
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