ABA Welcomes Opportunity to Fix Flawed Data Sharing Rule

“Stakeholders from every part of the data sharing chain have significant concerns with the current rule, and we look forward to engaging with the new leadership at the CFPB to address critical issues important to consumers including the need for a robust liability regime for resolving unauthorized activity or data breaches; preserving data providers’ ability to safeguard data; ending once and for all the dangerous practice of screen scraping that puts consumer personal information at greater risk; the government-mandated subsidization of other companies’ business models; and how long covered entities will have to come into compliance with the regulatory requirements.

“Our members also hope the new Personal Financial Data Rights Rule will retain the positive aspects of the existing regulation, such as the role of industry standard setting for data formats and strong privacy protections to prevent the unwitting sale of consumers’ sensitive personal financial information by data aggregators.

“One thing everyone can agree on is the need for a rule that follows the law; any provisions in the amended regulation must be supported by statutory language.

“We look forward to working constructively with the Bureau towards a 1033 rule that truly empowers and protects consumers while delivering the responsible innovation they want and need.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $24.5 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.5 trillion in deposits and extend $12.8 trillion in loans.