The U.S. Consumer Financial Protection Bureau on Thursday said it is seeking public comment on a proposal to modify rules governing the access and use of consumer financial data which is collected by a growing number of online financial institutions.
The watchdog proposed updating the 2010 Dodd-Frank Financial Reform law to ensure online banks, financial technology firms and data aggregators act in a consumer's best interest when collecting their data, the agency said."While consumer access to financial records can enable the development of innovative and beneficial consumer financial products, it can also present consumer risks," it said in a statement.
But consumer advocates say growing competition between firms to hoard such data puts consumers at risk, since it is not always clear how that data is then used. Thursday's proposal, which is subject to a 90-day comment period before it can be adopted, seeks to address this and related issues.
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