The Consumer Financial Protection Bureau should abandon its proposed rule giving consumers easy and free access to their financial data and start the entire rulemaking process over again, the two national credit union trade groups told the bureau last week.
“The associations regard most aspects of the proposal as fatal to the development of any reasonable final rule and recommend the Bureau take additional time to conduct a more informed rulemaking process that prioritizes and incorporates the meaningful feedback provided by credit union data providers,” Madison Rose, senior director of advocacy and counsel at the Credit Union National Association and Andrew Morris, senior counsel for research and policy at the National Association of Federally-Insured Credit Unions, wrote in commenting on the proposal.
The CFPB issued its proposed rule in October. It is designed to make it easier for people to change financial services providers by allowing them easy access to account information. It would provide consumers with the power to share data about their use of digital wallets, credit cards, and checking and prepaid accounts. The rule would allow people to revoke access to their data and it would be implemented in phases, with larger financial services providers being subject to the rule sooner than smaller ones.
Comments on the proposed rule were due Dec. 29.
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