EPIC Commends CFPB’s Personal Financial Data Rights Rulemaking
December 1, 2023
EPIC joined Public Citizen and a coalition of civil society organizations this week in expressing support for the goals of the CFPB’s proposed Personal Financial Data Rights Rule. The rulemaking aims to enhance consumer privacy and data security and promote competition in the financial services industry.
The proposed rule would strengthen necessary privacy protections for consumers by restricting financial services entities and third parties’ ability to collect, use, retain, and share personal information. The rule would also expand data security requirements, which would better protect against data breaches in the financial services industry. The rule would also promote competition among financial services providers by enabling consumers to switch service providers without risk of losing their transaction history or automatic bill pay arrangements.
EPIC routinely calls on the CFPB to strengthen protections for consumers by filing comments. Before the CFPB released the Personal Financial Data Rights proposed rule, EPIC filed a comment in response to the CFPB’s Small Business Advisory Review Panel for Required Rulemaking on Personal Financial Data Rights. EPIC also recently filed a comment in response to the CFPB’s Small Business Advisory Review Panel for Consumer Reporting Rulemaking supporting the CFPB’s proposed rule to expand the Fair Credit Reporting Act’s coverage over data brokers. EPIC is eager to continue engaging with the CFPB.