ETA Submits Comment Letter to CFPB on Consumer Access to Financial Records

Today, the Electronic Transactions Association (ETA) submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) regarding the consumer benefits and risks associated with products and services that rely on access to consumer financial account and account-related information.

Over the past several years, a growing number of FinTech companies, including many ETA Members, have deployed financial innovations that rely on direct access to consumer data. These technologies extend across a diverse and growing universe of financial products and services, including personal financial management software, online lending platforms, mobile wallets, and fraud and identity theft systems.

ETA and its members understand that access to financial data is an important issue that concerns consumers, traditional financial institutions, and FinTech companies. ETA believes that the best way to address data access challenges is for financial institutions and the FinTech industry to work together to develop solutions and standards to ensure that consumers can permission their financial data safely and securely.

ETA emphasizes in its comment letter that any government attempt to implement regulations governing account access information will negatively impact the incentive and ability of institutions to continue to develop new and innovative products and services that benefit consumers. Rather than issue prescriptive requirements, the CFPB should encourage industry to take the lead in developing solutions that preserve industry flexibility while ensuring the consumer remains protected.