April 01, 2021

NAFCU, CFPB discuss consumer access to financial records

CFPBMembers of NAFCU staff Wednesday met with the CFPB to discuss several topics related to implementation of section 1033 of the Dodd-Frank Act. NAFCU previously detailed concerns about implementation in response to the CFPB's advance notice of proposed rulemaking on this topic.

NAFCU has recommended the CFPB's efforts to increase consumers' access to data focus on ensuring the security of consumers' data and should not create new data-collection burdens and costs for credit unions.

During the meeting, the group discussed growing data security concerns, as well as the need for standards for fintech companies that must safeguard consumer information.

In addition, on interagency coordination, NAFCU reiterated its call for the bureau to consult with the NCUA to assess how implementation of section 1033 will impact the availability of credit union services and the security of member transaction data.

The group also discussed several topics related to the ANPR, which include:

  • technical standard setting;
  • applicability of the Fair Credit Reporting Act (FCRA); and
  • consumer control and privacy, including the need for consumers to be made aware of the scope and duration of data access requested by fintech companies.

NAFCU will continue to work with the bureau on its efforts to balance consumer protections while ensuring a reasonable regulatory environment for credit unions.