CDT Comments to CFPB on Personal Financial Data Rights
The Center for Democracy & Technology (CDT) submitted these comments to the Consumer Financial Protection Bureau (CFPB) in support of the agency’s efforts to increase consumer financial data access and portability, which will allow consumers to share historical financial data with new financial institutions. While the proposal stands to benefit competition, it may also pose risks to privacy.
In particular, CDT argued that the CFPB should ensure that people can consent to data sharing and choose which data they want to share; that the agency should require financial institutions to minimize the data they collect and retain; that any data shared should be accurate; and that screen-scraping (as a method of collecting data to be shared) should be avoided.
