CFPB symposium weighs pros, cons of consumer access to data

At yesterday’s CFPB’s symposium focused on Section 1033 of the Dodd-Frank Act, bureau Director Kathy Kraninger and panelists outlined the benefits of consumer access to financial records while also cautioning possible consumer harm as a result of so much data collection and authorization.

NAFCU Regulatory Affairs Counsel Kaley Schafer and Senior Counsel for Research and Policy Andrew Morris attended Wednesday’s event. NAFCU has recommended the CFPB’s efforts to increase consumers’ access to data focus on ensuring the security of consumers’ data and should not create new data-collection burdens and costs for credit unions.

During Kraninger’s remarks, she noted consumers are increasingly granting access to their financial information to various companies – primarily as a result of mobile apps – which can then give other companies access. Third-party vendors are aggregating consumer data to further develop new products and technologies, Kraninger said, but consumers need control over their data, assurance that it will be secure, and an understanding of how it will be shared.


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