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USA: EPIC provides input on CFPB's rulemaking to strengthen consumers' control over financial data
The Electronic Privacy Information Center ('EPIC') published, on 25 January 2023, its written comments filed in response to the proposed Consumer Financial Protection Bureau's ('CFPB') rulemaking aiming to establish data portability and access rights for consumers, and to facilitate their ability to switch between financial products. In particular, EPIC urged the CFPB to promulgate rules that enable consumers to access, understand, and control their own financial information, and prohibit third parties from collecting, using, or retaining personal information beyond what is reasonably necessary to provide a product or service the consumer has requested.
Notably, EPIC's comments are organised into the following topics:
- data minimisation;
- ongoing use and retention of data;
- consumer rights;
- screen scraping;
- account verification; and
- data security.
You can read the press release here and EPIC's written comments here.