FIN Welcomes CFPB Oversight of Consumer Access to Financial Records, Urges Industry Effort on Standards

February 21, 2017 – Today Financial Innovation Now responded to the Consumer Financial Protection Bureau’s request for information regarding consumer access to financial records.

The following statement is attributed to Brian Peters, Executive Director of Financial Innovation Now:

“Consumers should be empowered to access their own finances securely and easily, using whatever application or technology they wish, without charges or restrictions that unreasonably favor any one application over another. FIN members are creating technologies that enable consumes to better manage their financial lives and we welcome the Bureau’s examination. Given our experience working constantly to meet consumer expectations, FIN also believes that industry currently should lead the development of future-flexible, standards-based technologies that promote consumer access.”

In its response, FIN argues that the CFPB is right to examine the consumer access to financial records and urges support for industry-led efforts towards collaborative standards. A copy of FIN’s comment is available here: http://financialinnovationnow.org/wp-content/uploads/2017/02/fin-response-to-rfi-cfpb-2016-0048.pdf

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