EPIC Joins the Consumer Federation of America in Support of the CFPB’s Personal Financial Data Rights Rule 

EPIC, along with 25 other economic justice, consumer protection, and privacy organizations, joined a letter by the Consumer Federation of America (CFA) calling on Congress to support the Consumer Financial Protection Bureau’s (CFPB) Personal Financial Data Rights Rule. Recently, the CFPB signaled its intention to reconsider the rule, and the Bureau also extended the deadline for financial institutions to comply with the rule. The letter urges members of Congress to defend the strong consumer protections and privacy rights included in the rule and to hold hearings focusing on the rule. 

The Personal Financial Data Rights Rule, which implements Section 1033 of the Dodd-Frank Act, was finalized in October 2024. It gives consumers more control over their financial information by enabling consumers to access their own financial data and securely share it with other financial services providers, instead of allowing banks to charge consumers to access their own data. The rule also includes some of the strongest consumer privacy protections in federal law, including data minimization requirements, limits on secondary uses of personal data, and strong data security standards.  

EPIC routinely calls on the CFPB to strengthen protections for consumers. In addition to EPIC’s comments in support of the proposed Personal Financial Data Right rules submitted in January 2024, EPIC filed comments in support of the CFPB’s proposals related to medical debt and comments on the CFPB’s now withdrawn proposed revisions to Fair Credit Reporting Act rules, which among other changes would have clarified that data brokers must comply with FCRA.