Access to financial records must balance benefits, risks

CUNA called on the Consumer Financial Protection Bureau (CFPB) to ensure all users of consumer financial data comply with consumer data protection requirements in a letter sent Thursday. CUNA sent comments in response to an Advance Notice of Proposed Rulemaking to solicit comments in developing a regulation on access to consumer financial records, as stated in section 1033 of the Dodd-Frank Act.

“We support consumers’ ability to access pertinent account information in a timely and straightforward manner. We agree that section 1033 requires financial institutions to provide consumers with certain account information upon request,” the letter reads. “However, we do not interpret section 1033 to require a financial institution to provide a third-party with cost-free and direct access to a consumer’s account—regardless of whether the consumer has authorized the third-party to do so.”

CUNA notes that any consideration of data sharing regulation must balance the regards of sharing with the risks, risks that include:

 

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