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ICBA and its affiliated state community banking associations called on the Consumer Financial Protection Bureau to extend the comment deadline on its proposal to implement standards for sharing consumer financial data under Section 1033 of the Dodd-Frank Act.
Deadline Request: The groups asked the CFPB to provide a 120-day comment period, noting the Dec. 29 comment deadline provides just 70 days to review the proposal and submit comments. ICBA and other banking industry groups separately requested an extension in a letter to the bureau last week.
Proposal Details: The CFPB’s proposed rule would require depository and nondepository entities to make available to consumers and authorized third parties certain data relating to consumers’ transactions and accounts. It would stagger compliance deadlines according to four tiers based on data providers’ size, technology, and use of third-party service providers and legacy systems.
ICBA Response: In a national news release last month, ICBA said it is reviewing the proposed rule, which it said must focus on holding nonbank entities to the same level of data standards that apply to community banks. In a comment letter on a previous CFPB outline, ICBA said the bureau’s rulemaking should limit data requirements that might harm consumers and create safe harbor protections tailored to community banks.