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 records.
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.