On November 17, 2016, the CFPB will hold a field hearing on consumer access to financial records in Salt Lake City, Utah. Director Richard Cordray is scheduled to speak at the hearing.
The field hearing would appear to be connected to remarks delivered last month by Director Cordray in conjunction with the CFPB’s release of a report on its Project Catalyst initiative. Director Cordray stated that the CFPB was “gravely concerned by reports that some financial institutions are looking for ways to limit, or even shut off, access to financial data rather than exploring ways to make sure that such access, once granted, is secure.” His remarks appeared to be directed at institutions that have not permitted their customers to use third-party financial aggregators that allow consumers to compile their financial information from multiple banks in one digital setting. In what seemed to be a warning, Director Cordray stated “Let me state the matter as clearly as I can here: We believe consumers should be able to access [their financial data from financial providers with whom they do business] and give their permission to third-party companies to access this information as well.”
Since the CFPB typically uses field hearings as a venue for announcing new developments, it is possible the CFPB will announce the launch of a new initiative or another development involving the ability of consumers to allow third parties to access their financial data.