Removing Barriers Blog

CFPB Outlines Principles for Consumer-Authorized Financial Data Sharing Aggregation

Yesterday afternoon, the CFPB released principles intended to protect consumers when consumers authorize third parties access to financial data. 

According to the press release, “The Consumer Bureau recognizes that while consumer-authorized data sharing promises great benefits to consumers, there are many consumer protection challenges to be considered as these technologies continue to develop. The Consumer Bureau advocates strongly for consumer control of the consumer’s data and transparency. At the same time, the Consumer Bureau emphasizes the importance of data security and privacy.” 

The principles include: 

  • Access 
  • Data Scope & Usability 
  • Control and Informed Consent 
  • Authorizing Payments 
  • Security
  • Access Transparency 
  • Accuracy 
  • Ability to Dispute and Resolve Unauthorized Access 
  • Efficient and Effective Accountability Mechanisms 

In the wake of the Equifax data breach, it has become increasingly important for consumers to know and control who has access to their important personal information.  Since the breach was announced, CUNA has been diligently working to help ensure credit unions and their 110 million members are informed of what to do and possible legal options credit unions can join.   

At the beginning of October, CUNA filed a lawsuit against Equifax and held a member-call with the lawyers that will be representing CUNA and credit unions throughout the country.  

You can read more about the CFPB’s principles via this link.