Memorandum of the Financial Health Network, Consumers Reports, and SaverLife as Amici Curae in Forcht Bank, NA vs. Consumer Financial Protection Bureau
This Memorandum is submitted in support of intervenor Financial Technology Association’s opposition to plaintiffs’ and defendants’ motions for summary judgment and in support of intervenor’s cross-motion. Amici are non-profit organizations dedicated to advancing the financial health of American households.
Seven Pain-Points in the Consumer Financial Data Ecosystem: Priorities for the CFPB’s Rulemaking Under §1033 of the Dodd-Frank Act
Consumer’s ability to access and electronically share their financial data has already demonstrated considerable financial health benefits. But our research among consumers, their financial app providers and data aggregators reveals seven “pain points” impeding data access and preventing consumers from sending their data where it can do them the greatest good. The Bureau’s pending rulemaking under Section 1033 of Dodd Frank can best serve financial health by incorporating a few basic principles that will enshrine consumers’ data access rights.
CFPB should write a data sharing rule that can evolve with the market
The Consumer Financial Protection Bureau's recent Regulatory Agenda indicates that the bureau plans to commence a rulemaking in November to implement the data sharing provision in Section 1033 of the Dodd-Frank Act. For that rulemaking to enable consumers to enjoy the benefits of more open data, the CFPB should heed Director Rohit Chopra's recent call to eschew "highly complicated rules that have long been a staple of consumer financial regulation" and instead develop a principles-based approach that addresses the most significant pain points in the data ecosystem today and will allow the market to evolve over time.
Survey finds more than half of Americans are experiencing financial hardship due to gas prices
Gas prices are still high across the country, which is causing stress and financial hardship for many Americans, according to a recent Gallup survey. But not as many Americans are stressed as in the past when gas has been expensive. When gas prices spiked in 2005 and 2008, more than 70% of people said it was causing them financial hardship. Now, about half of Americans are saying that.
Financial Health Research: Expanding Our DEI Lens
As part of our DEI commitment, the Financial Health Network is updating our survey questions and analysis around ethnicity, gender, LGBTQIA+ status, and ability.
The Financial Health Network Announces Child Tax Credit Research
Challenges continue to impede the distribution of Child Tax Credit payments, especially for those who could benefit from them the most. The Financial Health Network will undertake research, supported by VISA, to determine how long CTC recipients might have waited to receive their payment, how much they might have spent in fees to access their payment, and how they ultimately used their payment.
How paid leave can be a financial safety net for your employees
During this past year, we’ve heard countless stories about workers having to take time off or quit their jobs to tend to a serious illness or care for loved ones throughout the pandemic.
Amid Resurgence of Interest in Overdraft, New Data Reveal How Inequitable It Can Be
Our team executed a deep dive into FinHealth Spend Report data from late 2020 to learn how customers are using overdraft today amidst the pandemic. The results offer fresh answers to some of the key questions regarding overdraft usage.
Financial Data: The Consumer Perspective
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.