WASHINGTON—The CFPB has released principles it said are intended to help protect consumers when they allow third-party companies to access their financial data in exchange for certain products and services.
These principles are not binding requirements and do not create new data sharing or formatting burdens, noted NAFCU, which said it supports the principles.
More specifically, the Bureau said, the principles "relate to data access, data scope and usability, control of the data and informed consent, payment authorizations, data security, transparency on data access rights, data accuracy, accountability for access and use, and disputes and resolutions for unauthorized access." The principles are meant for all stakeholders that provide, use or aggregate consumer-authorized financial data, reported NAFCU.
Last November, the CFPB asked for stakeholder input into how consumer financial records can be shared safely with third parties, such as personal budgeting apps and tools. In its February comment letter on the topic, NAFCU said it is supportive of the CFPB’s efforts to promote consumer access to new technologies and financial services, but that credit unions should not be adversely impacted by any future actions on the matter.
The CFPB said it will continue to closely monitor developments in this market and will also continue to assess how these principles can be best used.