The Client Monetary Safety Bureau plans to suggest clearer requirements on how fintech corporations entry shoppers’ monetary account info, the company stated Friday.
The bureau stated it’ll launch an advance discover of proposed rulemaking later this yr that might immediate additional inquiry into whether or not market members — together with banks, fintechs and knowledge aggregators — are performing in shoppers’ curiosity relating to accessing knowledge.
The proposal is probably going to attract monumental curiosity from each banks, which have at instances been leery of app suppliers grabbing knowledge, and the fintech corporations themselves that depend on shoppers’ capacity to entry their account info.
The proposal will focus, partly, on whether or not some rising market practices amongst fintechs and knowledge aggregators “may not reflect the access rights” described within the Dodd-Frank Act, the CFPB stated. The proposal additionally may study whether or not “regulatory uncertainty” may be affecting the market “to the potential detriment of consumers.”
The CFPB is required beneath Part 1033 of the Dodd-Frank Act to make sure that shoppers have entry to their very own monetary knowledge in digital kind and the power “to leverage the data in their records.”
The bureau stated the proposal will search public enter on easy methods to “effectively and efficiently” implement the monetary entry rights in Part 1033.
The rulemaking discover will search suggestions on how a lot knowledge ought to be thought-about “protected” with a purpose to defend shoppers’ privateness and safety.
The company’s proposal can be anticipated to deal with problems with “regulatory uncertainty with respect to Part 1033” and the way it interacts with different statutes, such because the Honest Credit score Reporting Act, the CFPB stated.
The CFPB stated its strategy has largely been in figuring out and selling client pursuits and in permitting the market to develop “without direct regulatory intervention.”
The bureau additionally issued a 10-page abstract of a symposium held in February that addressed varied views on consumer-authorized entry to monetary knowledge.
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