WASHINGTON (Legal Newsline) – The Consumer Financial
Protection Bureau (CFPB) announced Nov. 17 that it is launching an inquiry into
the challenges consumers face in finding and securely sharing their financial
The CFPB is asking the public for information regarding consumer
choice as it relates to the use of their records. It also seeks information on
security of these records and the amount of control consumers have over them.
“Consumers should be able to use
their financial records and account information and securely share access in an
electronic format,” CFPB Director Richard Cordray
said. “Technology provides opportunities to use these records
to create new consumer tools that help improve financial lives.
"To realize that
potential, we are launching a public inquiry into how much control consumers
have over their records and how easy and secure it is for them to share their
records with third parties.”
Consumers need their digital account information for various
new products and services that make their financial lives easier, including tax
help and budgeting advice, CFPB says.