The Consumer Financial Protection Bureau’s open banking proposal doesn’t go far enough to protect sensitive consumer financial data, the Bank Policy Institute and The Clearing House said in a comment letter submitted Friday.
The CFPB, which closed its comment period for the proposed rule last week, unveiled the long-awaited proposal in October. The federal agency claims the rule will give consumers more control over their financial data by requiring banks to share such data with third parties like fintechs.
