ICBA called on the Consumer Financial Protection Bureau to limit the regulatory burden of its pending rulemaking to establish standards for sharing consumer financial data.

Background: The CFPB released an outline of proposals it is considering as it works to implement Section 1033 of the Dodd-Frank Act. The law requires banks and other covered entities to provide consumers and authorized third parties access to financial information in the covered entities' possession.

ICBA Comments: In a comment letter responding to the outline, which the CFPB provided to a panel of small entities pursuant to the Small Business Regulatory Enforcement Fairness Act, ICBA called on the bureau to:

  • Resist requiring banks to provide information outside the scope of Section 1033.

  • Limit data requirements that might harm consumers and banks.

  • Apply the rule to all entities offering accounts that retain customer funds.

  • Require authorized third parties to disclose risks and inform of their liability in the event of a loss.

  • Create exceptions and safe harbor protections tailored to provide maximum legal and regulatory protection for community banks.

  • Bring third-party providers under the supervision of the CFPB and subject them to annual examinations.