When autocomplete results are available use up and down arrows to review and enter to select.
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.
Previous News
ICBA continued its campaign opposing changes to the Community Development Financial Institution certification application during a meeting with House Financial Services Committee Ranking Member Maxine Waters (D-Calif.).
ImageJan 27, 2023
The Independent Community Bankers of America (ICBA) today announced the hire of Stephanie Foster as director, ThinkTECH Accelerator. Foster serves in a newly created position following ICBA’s announced plans to bring its highly successful ThinkTECH Accelerator program inhouse.
ImageJan 25, 2023
The Independent Community Bankers of America (ICBA) today urged federal regulators to apply stricter regulatory standards on large regional banks.
ImageJan 23, 2023
Related News Taxonomy