In response to a Request for Information (RFI) by the Consumer Financial Protection Bureau (CFPB) regarding Consumer Access to Financial Records, OLA filed Comments with the CFPB regarding the industry’s views on consumer data and their ability to share that data with third-party organizations. Dodd-Frank Wall Street Reform and Consumer Protection Act Section 1033 outlines consumer rights to access financial accounts and account-related data in usable electronic forms. The CFPB was looking for input on a broad range of issues including third parties acting with permission from the consumer to access data.
With today’s consumers now choosing nontraditional service providers to meet their needs more and more, the ability to access and share that data with third parties will be key for the development of next generation financial service products. These products could ultimately lead to expanded consumer choices and greater control over their financial well-being.