Testimonial: CFPB Consumer Access to Financial Records Symposium

The Financial Health Network submitted this statement in response to the Consumer Financial Protection Bureau’s invitation to serve as a panelist at their Symposium on Consumer Access to Financial Records, Section 1033 of the Dodd-Frank Act. Clarity on this issue is sorely needed and this testimonial encourages the CFPB to refocus on the uncertainty surrounding consumer data access.

The Financial Health Network has taken a particular interest in the evolution of the financial data ecosystem. Today, consumers’ experience with the financial services industry is determined by providers’ use of data. However, it has also presented risks of discrimination, compromised privacy, and enabled revenue models that use consumers’ data in ways that they neither understand nor benefit from.

In this testimonial, the Financial Health Network encourages the CFPB to use its authority to affirm consumers’ right to access their financial data and protect consumers from emergent risks. We also encourage the CFPB to coordinate with other regulators to ensure appropriate supervision of data aggregators, and strongly consider whether direct supervision might be appropriate.

The Financial Health Network has created a set of principles to guide the financial services industry as it works to establish a secure, inclusive, and innovative data-sharing ecosystem. Learn more about our consumer data sharing work.