The American Fintech Council (AFC) has expressed its support for a bipartisan Congressional letter addressing the Consumer Financial Protection Bureau’s (CFPB) proposed rule on personal financial data rights. AFC CEO Phil Goldfeder released a statement highlighting the organization's alignment with concerns raised by members of both parties.
"We fully support the recent bipartisan Congressional letter regarding the Consumer Financial Protection Bureau’s (CFPB) proposed rule on personal financial data rights, and share in the Congressmembers’ concerns regarding the proposed limitations to secondary uses of consumers’ financial data," Goldfeder stated.
The letter, authored by Democratic and Republican members of the House Committee on Financial Services, emphasizes ensuring consumer access and control over their personal financial data while allowing industry participants to use collected data beyond what is currently permitted under CFPB's proposed rule. AFC previously highlighted the importance of allowing responsible secondary use of consumer-permissioned data, particularly when it benefits consumers or enhances the resilience of the financial services industry.
AFC agrees with Congressional concerns that restrictions in the proposed rule "could discourage the advancement of innovations that benefit consumers and small businesses by curbing basic product improvements and the development of tools to fight fraud." The organization supports revising provisions related to secondary use to foster innovation beneficial to both consumers and the industry.
"AFC remains committed to working with the CFPB and Congress to ensure that responsible innovation is encouraged and that consumers are provided with the best financial products and services through this endeavor," Goldfeder concluded.