The Independent Community Bankers of America (ICBA) has expressed ongoing concerns regarding the Consumer Financial Protection Bureau’s (CFPB) final rule on consumer financial data sharing, despite an exemption for community banks. ICBA President and CEO Rebeca Romero Rainey issued a statement addressing the potential implications of the CFPB's 1033 rule, which was released today.

Rainey acknowledged that while the rule includes an "important, ICBA-advocated community bank exemption," there are still worries about how it might affect consumer data security and privacy. According to the rule, community banks with assets under $850 million are exempt from creating and maintaining a third-party developer interface. However, larger banks must establish a 'developer portal' to allow third-party access to consumer data with authorization.

Rainey also noted concerns regarding nonbank fintech companies. "Despite CFPB Director Rohit Chopra’s remarks today on CNBC, nonbank fintechs that access customer information and store bank login credentials may not take the same care in protecting consumer privacy and data that community banks do." She emphasized the need for the CFPB to ensure these entities prioritize data security.

ICBA plans to review the new rule thoroughly and continue collaborating with the CFPB to mitigate its impact on consumer privacy, regulatory compliance burden, and other legal challenges related to third-party access to bank accounts.

The ICBA is dedicated to fostering an environment where community banks can thrive through advocacy, education, and innovation. These banks play a vital role in supporting local economies by providing credit and promoting economic prosperity.