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Published: May 2021

FinTech users deserve strong data use protections

Groups sent a joint letter to the Consumer Financial Protection asking the agency for strong rules to ensure that consumers are protected when their account data is shared with, accessed by or used by third parties, such as financial technology (FinTech) mobile apps and account aggregation services.

Consumer Action joined its allies in letter to the Consumer Financial Protection Bureau asking the Bureau to create strong rules to ensure that consumers are protected when they allow their account data to be shared and used by third parties, such as financial technology (FinTech) mobile apps and account aggregation services. (The Bureau has been tasked with setting rules, under Section 1033 of the Dodd-Frank Act, that allow consumers to safely share their banking information with competitive non-bank tools such as FinTech apps.) Specifically, the groups asked the CFPB to protect the ability of consumers to make decisions on when and how to stop sharing information; exercise supervisory authority over data aggregators; ensure strong protections under the Electronic Fund Transfer Act, the Equal Credit Opportunity Act, and the Fair Credit Reporting Act; and put in place any guardrails necessary to ensure that consumers benefit, and are not harmed, when they authorize third parties to access their financial services accounts. The groups urged the CFPB to create meaningful safeguards to protect consumer privacy and data security while allowing consumers to share their data safely so that they can access different financial products and services that meet their needs.

 

Lead Organization

Americans for Financial Reform Education Fund | American Economic Liberties Project

Other Organizations

American Family Voices | Blue Future | Demand Progress Education Fund | Institute for Local Self-Reliance | Jobs with Justice | People's Parity Project | Progress America | Progressive Change Campaign Committee (PCCC) | Public Citizen | Revolving Door Project | Social Security Works | The Other 98% | Tzedek DC | U.S. PIRG | Working Families Party

More Information

Click here to read the letter in full.

For more information on the advance notice of proposed rulemaking, visit Dodd-Frank Act Section 1033—Consumer Access to Financial Records.

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