U.S. Reps. French Hill (R-AR) and Bill Huizenga (R-MI) commended the Consumer Financial Protection Bureau (CFPB) for its proposed rule on financial data portability.
In a letter to the CFPB, they encouraged the CFPB to ensure the new rules are written in a way that allows consumers to share their financial data with authorized firms. In addition, they emphasize that the CFPB should base any related consumer financial data privacy and security rules on existing frameworks under the Gramm-Leach-Bliley Act (GLBA).
“We appreciate the thoughtfulness that the Consumer Financial Protection Bureau (CFPB) is displaying in maintaining the ability of consumers to meaningfully control and use their personal financial data for their financial betterment while also adhering to the limits of the statutory authorities Congress conferred in DFA 1033 when the CFPB promulgates related regulations,” they stated in the letter.
Hill is the chairman of the House Financial Services Committee while Huizenga is the vice chair of the committee.
“As the CFPB continues the rulemaking process under DFA 1033, the CFPB should do so in a manner that preserves the ability of consumers to authorize a wide range of third parties, both with and without fiduciary duties, to access and use such consumers’ financial data for the provision of beneficial and innovative financial products and services. We are in the era of consumer financial data portability, and we do not want to see an upending of the existing ecosystem to the detriment of consumers and innovation,” they wrote.