ALTA Submits Letters to CFPB on Access to Consumer Financial Data

February 4, 2021

ALTA submitted two letters to the Consumer Financial Protection Bureau (CFPB) to aid in the development of regulations that affect consumer rights to access financial data. The bureau issued an Advanced Notice of Proposed Rulemaking last year to gather comments and information to assist in the development of regulations to implement Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. In one letter, ALTA outlined five principles the bureau should consider when evaluating access and use of data. In a second letter, ALTA along with eight other trade groups wrote evolving standards that protect consumers while promoting innovation.

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