Mr. Hunt shares his perspective on a range of issues, including how Rohit Chopra, CFPB Director-nominee, is likely to approach his new role, the CFPB’s likely approach to innovation and overdraft rulemaking under Mr. Chopra’s leadership, how banks are engaging with data aggregators, the OCC’s role and expectations for a new Comptroller, the status of
aggregator
CFPB releases consumer protection principles for consumer-authorized sharing of financial information
By Kim Phan on
Posted in CFPB General, Regulatory and Enforcement
The CFPB has released a set of “Consumer Protection Principles” for participants “in the developing market for services based on the consumer-authorized use of financial data.” According to the CFPB, the principles “do not themselves establish binding requirements or obligations relevant to the Bureau’s exercise of its rulemaking, supervisory, or enforcement authority” and…
ABA comments on CFPB’s RFI on consumer access to financial information; Ballard Spahr to hold March 16 webinar on RFI
By Kim Phan on
Posted in CFPB General, Regulatory and Enforcement
The American Bankers Association has submitted a comment letter in response to the CFPB’s request for information regarding consumer access to financial information.
The ABA observes that while larger institutions have the resources to develop secure portals and the ability to impose privacy and data security requirements through contractual provisions negotiated with aggregators, community banks…