“FIN applauds the CFPB’s efforts to develop regulations implementing Section 1033 to ensure that consumers can efficiently and safely . . . make smarter financial decisions and gain access to a broader range of consumer financial products and services,” states FIN’s letter to the Bureau. “These benefits will only be fully realized if consumers are empowered to permit access to consumer financial account data securely and easily, without charges that favor any one application or technology over another.”
Consumers use many kinds of technologies, from web browsers to many different third party applications, to manage finances and find better deals. Unfortunately, some financial institutions have blocked such consumer access. Congress passed Section 1033 in the Dodd-Frank Act to remedy these barriers.