February 4, 2021

By electronic submission to: [email protected]

Consumer Financial Protection Bureau
1700 G St NW
Washington, D.C. 20552

Re: Advanced Notice of Proposed Rulemaking Regarding Consumer Access to Financial Records
Docket No.: CFPB-2020-0034

Ladies and Gentlemen:

The undersigned financial services trades welcome the opportunity to comment on the Consumer Financial Protection Bureau (CFPB)’s Advanced Notice of Proposed Rulemaking regarding consumer access to financial records1.

We believe that responsible innovation in financial services will continue to benefit customers as it has throughout history. The use of data plays a critical role that can help promote financial inclusion, make it possible to extend credit to many more borrowers, and give customers improved transparency into the financial products they use every day.

As the CFPB considers next steps to encourage the development of a data ecosystem that protects consumers we strongly urge them to maintain their principles-based approach, supporting the market developments that are already well underway.

I. The evolving financial marketplace should have evolving standards that protect consumers while promoting innovation.

Technology has facilitated the creation of a tremendous amount of consumer financial data. The unprecedented proliferation and availability of this data has enabled the development of new financial innovations that stand to benefit customers. However, the inherent sensitivity of this data and the discussion around the appropriate role of large technology companies in banking highlights the timeliness of this issue and the need to ensure that financial data are handled appropriately and securely.

As our members innovate, they do so within an established regulatory framework, backed by strong supervision and oversight, that ensures robust customer and data protection. Innovation is also taking place outside of our collective memberships. Technology-focused startups are building consumer facing products that rely on access to financial data. As a result, the demand for consumer financial data has increased dramatically, creating a robust market for these data.

We believe that if handled appropriately, access to these data can benefit consumers. This is why our members fully support their customers’ ability to access and share their financial data with the service provider of their choice in a secure, transparent manner that gives them control. Today, our members are working with technology companies to build tools that facilitate access to financial data in a way that protects and empowers consumers.

However, it is important to note that sharing financial information is not without its risks. Consumer financial data are extremely sensitive and must be protected appropriately. Accordingly, Congress has recognized the sensitivity of financial information and has provided protections for it in the Gramm-Leach Bliley Act of 1999 (GLBA). These protections should apply wherever data is held. Consumers trust that their financial data are being protected and handled appropriately by covered financial institutions.

1 Advanced Notice of Proposed Rulemaking Regarding Consumer Access to Financial Records, 85 Fed. Reg. 216 (Nov. 6, 2020). Available at https://www.govinfo.gov/content/pkg/FR-2020-11-06/pdf/2020-23723.pdf