Contact: Laine Williams, (202) 897-4757, [email protected]
Washington, DC, December 3, 2024 – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than three dozen financial technology and open finance companies in the United States and Canada, today expressed its disappointment with the Consumer Financial Protection Bureau’s (“CFPB” or “the Bureau”) Notice of Proposed Rulemaking (“NPRM”) under the Fair Credit Reporting Act (“FCRA”).
Steve Boms, Executive Director of FDATA North America, released the following statement:
“Today’s proposed rule marks a significant misstep by the CFPB. Consumer-permissioned data access platforms are not “data brokers” and shouldn’t be treated as such. The Bureau risks through today’s rule proposal creating a regulatory framework that could contradict its final Section 1033 rule and pose serious consequences for consumers and the financial tools on which they rely. Instead of promoting consumer choice and control, today’s NPRM risks eroding the competition, consumer control, and choice that the CFPB’s open banking rule provides.
We urge the CFPB to revise its proposal to expressly exclude consumer-permissioned data access platforms from the scope of its FCRA NPRM.”