ARLINGTON, Va.–Security transparency and competitive fairness are at the center of concerns NAFCU said it will be focused on this week as the CFPB ponders rulemaking on personal financial data rights.
The rulemaking is part of section 1033 of the Dodd Frank Act, which created the CFPB.
Ann Petros, VP-regulatory affairs with the trade group, noted the Bureau has already outlined its proposals.
“We want to promote innovation in the financial sector, but there have to be some safeguards in place when it comes to how institutions are interacting with third party data and consumers and the ability to access that data,” Petros said. “We don't want a framework that puts too much of the burden on credit unions for managing those access rights. Smaller credit unions especially are really going to have a difficult time when it comes to compliance with any sort of framework that would unfairly or unduly place the burden on them.
“And, of course, we would love to see—and we've made this ask before of the CFPB—greater requirements for nonbanks and non-supervised third parties in terms of complying with federal rules.”
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