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Privacy Government The Almighty Buck

CFPB Moves To Bar Financial Firms From 'Hoarding' a Consumer's Data (politico.com) 9

An anonymous reader quotes a report from Politico: The Consumer Financial Protection Bureau on Thursday released a landmark proposal restricting how financial institutions handle consumer data. [...] The proposed rule -- which faces months of feedback and lobbying from industry and consumer groups before it's approved -- would bar financial firms from "hoarding" a consumer's data, the agency said. It would require companies to share information, at a customer's request, with other businesses offering competing products and prevent them from charging for it.

Banks would be required to make personal financial data available to consumers free of charge, and companies that access a person's data would not be able to use it for targeted advertising. Access to a person's data would have to be reauthorized annually, and consumers would have the right to revoke access at any time. The proposal, which implements Section 1033 of the 2010 Dodd-Frank law, also "seeks to move the market away from risky data collection practices" such as screen scraping, the CFPB said.
"It is often really daunting for a consumer to switch banks, in part because it's difficult to take their financial transaction history data to a new bank," White House National Economic Council Director Lael Brainard said on a call with reporters. "Today's rule will help ensure financial companies compete based on service quality and pricing."
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CFPB Moves To Bar Financial Firms From 'Hoarding' a Consumer's Data

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  • "It's time you updated your financial data"

    Yeah, naw. Wait until you find out that companies can poll huge databases of all your past salaries effectively showing your hand at the negotiating table and, if you choose to "seal it", they can also legally demand you unseal it in order to proceed with an offer.

    They call it a "background check" which in itself... don't get me started. They can do this with any tax return you have and can legally not hire you if you say "no". (You can, however, omit the numbers--

  • by bubblyceiling ( 7940768 ) on Thursday October 19, 2023 @06:16PM (#63938053)
    I am impressed. The only thing that seems to be missing is the ability for consumers to choose who their data is shared with. Selling of private date to aggregators is a troubling practice and so consumers should have a choice, where all their data ends up
  • Comment removed based on user account deletion
    • "It is not your bank's job to maintain your transaction history for you."

      So, if I dispute a transaction as fraudulent, incorrect, or otherwise improper, my financial institution need not keep a record of the transaction?

      Hell, does your assertion do away with statementing? I propose that It's your bank's job to, among other things, KEEP a record of your transactions.

      PS - the IRS etc. are hell-bent on having all of your financial data made available to them, even proactively, to do what they want to do. Read

  • from the advertising ban of course.

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