🔍CFPB Seeks Comments on Consumer Financial Data Collection Practices
Request for Information Regarding the Collection, Use, and Monetization of Consumer Payment and Other Personal Financial Data
Summary
The Consumer Financial Protection Bureau (CFPB) is seeking comments from the public to better understand how companies that offer or provide consumer financial products or services collect, use, share, and protect consumers' personal financial data, such as data harvested from consumer payments. The submissions in response to this request for information will serve to assist the CFPB and policymakers in further understanding the current state of the business practices at these companies and the concerns of consumers as the CFPB exercises its enforcement, supervision, regulatory, and other authorities.
Agencies
- Consumer Financial Protection Bureau
Business Impact
$$ - Med
The CFPB's inquiry into consumer financial data collection indicates forthcoming regulatory changes. Companies must evaluate compliance with evolving privacy standards, potentially affecting data collection practices and business transparency. This could result in adjustments to existing privacy policies and operational procedures.