CFPB Begins Rulemaking to Strengthen Personal Financial Data Rights

The Consumer Financial Protection Bureau has launched a rulemaking under the Dodd-Frank Act to “strengthen consumers’ access to and control over their financial data.” The rulemaking will establish data portability and access rights and facilitate consumers’ ability to switch between financial products and services. Notably, the CFPB is “considering proposals that would limit third parties’ secondary use of consumer-authorized information,” including a prohibition on “reselling authorized data for other uses.” These proposals reflect the principle of data minimization, which EPIC has repeatedly called for as a basis for strong privacy regulations.