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Banks Petition CFPB to Supervise Consumer Financial Data Firms (2)

Aug. 2, 2022, 5:28 PMUpdated: Aug. 2, 2022, 9:50 PM

Bank and credit unions asked the CFPB to directly supervise companies that collect, share and use consumers’ sensitive financial data.

The Consumer Financial Protection Bureau should create regulations that would allow the agency to conduct routine exams and other supervision of so-called data aggregators and their customers, the American Bankers Association and other groups said in a petition filed Tuesday.

The CFPB is already working on rules that will allow consumers to more easily share their bank account data and other information with budgeting, payments and other third-party financial apps.

Data aggregators like Plaid, Yodlee, MX and Fiserv collect the ...