EPIC Submits Comments to Strengthen CFPB Proposals for Financial Data Rights Rulemaking
January 25, 2023
Today EPIC called for enhanced personal financial data rights in response to the Consumer Financial Protection Bureau (CFPB)’s outline of proposals under consideration for its upcoming rulemaking implementing Section 1033 of the Dodd-Frank Act. EPIC urged the CFPB to promulgate rules that enable consumers to access, understand and control their own financial information, and “prohibit third parties from collecting, using, or retaining personal information beyond what is reasonably necessary to provide a product or service the consumer has requested.”
EPIC regularly engages with the CFPB on consumer protection issues. Recently, the NYU Tech Law and Policy clinic filed a complaint with the CFPB on behalf of EPIC alleging that Rocket Money’s interface employs dark patterns that harm its customers and violate the Dodd-Frank Act and the Fair Credit Reporting Act. EPIC has also advocated that the Federal Trade Commission use all of its authorities to protect consumers, including its Section 5 rulemaking authority to promulgate a commercial surveillance rule and establish a data minimization rule.