While technology-driven financial products, services, and institutions have the potential to benefit consumers, they can also pose new risks due to the increased availability of financial data. To better understand the consumer perspective on the use of financial data, the Financial Health Network fielded a nationally representative survey. The findings in this report describe consumer understanding of practices in the financial data ecosystem, and consumer preferences on how they would like personal data to be treated. These findings can serve as a guide to both industry stakeholders and policymakers as they seek to build trust and ensure that both practice and policy serve consumers.
By Dan Murphy, Policy Manager, Financial Health Network When the CARES Act was enacted on March 27, it stabilized the financial health of millions of families facing massive unemployment and other economic hardships in the wake of COVID-19. Unfortunately, it also left millions of American families out of the law’s broadest relief provision — Economic Impact Payments….
The Financial Health Network submitted these comments to the CFPB Taskforce on Consumer Financial Law in response to a Request for Information on a broad range of consumer protection issues.
Author: Dan Murphy One striking feature of the Covid-19 economic crisis is just how different it is from our most recent financial crisis. While the subprime mortgage crisis began with an immediate shock to financial markets, the economic crisis brought about by this pandemic began with an immediate shock to public health that quickly impacted…
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.