Letter to the CFPB RE: Petition for rulemaking defining larger participants of the aggregation services market

Hon. Rohit Chopra
Director Consumer Financial Protection Bureau
1700 G Street, NW Washington, D.C. 20552

Re: Petition for rulemaking defining larger participants of the aggregation services market

Dear Director Chopra:

The American Bankers Association, Consumer Bankers Association, Credit Union National Association, Housing Policy Council, Independent Community Bankers of America, National Association of Federally-Insured Credit Unions, National Bankers Association, and The Clearing House Association (the Associations) write to petition the Consumer FinancialProtection Bureau (CFPB) under section 553(e) of the Administrative Procedure Act (APA) to engage in rulemaking to define larger participants in the market for aggregation services.

Technology has facilitated the creation of a tremendous amount of consumer financial data. The unprecedented proliferation and availability of this data have enabled the development of new financial innovations that stand to benefit customers. However, the inherent sensitivity of this data and the discussion around the appropriate role of large technology companies in banking highlight the need to ensure that financial data are handled appropriately and securely. As banks innovate, they do so within an established regulatory framework, reinforced by strong supervision and oversight that ensures robust customer and data protection. Innovation is also taking place outside of banking. Technology-focused startups are building consumer facing products that rely on access to financial data. As a result, the demand for consumer financial data has increased dramatically, creating a complex market for these data.

We believe that if handled appropriately, access to these data can benefit consumers. This is why the Associations and our members fully support their customers’ ability to access and share their financial data in a secure, transparent manner that gives them control. Today, banks and technology companies are collaborating to build tools that facilitate access to financial data in a way that protects and empowers consumers.

Download the letter to read the full text.