WASHINGTON—Some members of the House Financial Services Committee have written to the Consumer Financial Protection Bureau requesting certain revisions to the secondary data use restrictions in its proposed Personal Financial Data Rights rule.
Rep. Mike Flood (R-NE) led the bipartisan letter, along with Rep. Brittany Pettersen (D-CO), Rep. Erin Houchin (R-IN), and Rep. Gregory W. Meeks (D-NY), as well as 10 other committee members, according to Open Banking Expo.
“In our digital age, it’s important that consumers are given control over their own data so they can use it in ways that benefit them,” Flood said in a statement. “Today, we’re asking the Consumer Financial Protection Bureau to adjust the Personal Financial Data Rights proposal to unlock the innovation and competition that will come from open banking.”
Support Expressed
The letter, addressed to CFPB director Rohit Chopra, states support for “the proposed rule’s efforts toward data privacy, data minimization, and its prohibition on third parties selling consumer data.”
The signatories told the CFPB, “Our financial services system should put the consumer in charge of how their data is used.”