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Twelve finance officers write to Conser Conser Cuterity Protection Bureau (CFPB) to uphold the right of consumers to share financial information with authorized third parties as the agency has a weight that would block their ability to do so, according to a book reviewed by a special business.
The CFPB is considering revising the regulation under section 1033 of the Dodd-Frank Act, which will revise the definition of ‘Representative’ making a request on behalf of the buyerand how to assess coverage for expenses incurred by a covered person responding to a customer claim.
Twelve financial officials of the state – including nine treasures, two auditors and one regulator – wrote in place of the Law that they are third parties authorized by consumers when they maintain the existing authorization and the existing requirements.
They wrote that section 1033 gives consumers the right to access their financial information upon request and that the law includes fiduciaries, for consumers or non-consumers, which is the “touchstone” of the process that needs to be maintained.
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A dozen financial officials are arguing for the CFPB to preserve consumers’ ability to authorize unscrupulous agents to access their data. (Anna Moneymaker / Getty Images / Getty Images)
“Preserving this interpretation encourages competition and innovation (including real-time payments, budget tools, alternative credit checks, AI, and crypto) and reduces risk of desanking And the focus of the market,” wrote financial officials.
“In contrast, a ‘reduction’ agent will harm consumers by reducing choice and subsidizing — counter effects to the pro-competitive action of section 1033,” he explained.
This group State Revenue Officers He wrote that the CFPB should confirm the text of the law by clarifying that the third-party right that consumers are authorized to act on their behalf.
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The CFPB’s proposed rule updates rules under the Dodd-Frank Act. (Photographer: Samuel Corum / Bloomberg via Getty Images / Getty Images)
They also wrote the definition that “representative” should not be limited A great relationship as it is not required by the text and “seems” to unduly limit consumer choice. “
“Consumers should be able to exercise their Section 1033 rights directly or through an authorized representative of their choosing.
State Treasury officials sharing the letter include Kansas Treasurer Steven Johnson, Kansas State Treasurer David McRae, Nevada State Treasurer Thomas Brienue, Ohio State Treasurer Robert Sprague, Utah State Auditor Tina Cannon, Utah State Treasurer Marlo Oaks and Wyoming Treasurer Curt Meier.
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State Financial Officials want to ensure that consumers can authorize a third party to view their financial information. (Yuki Iwamura/AFP via Getty Images/Getty Images)
The public comment period for the CFPB rule closed Tuesday night and the rule attracted nearly 14,000 comments.
Sen. Cynthia Lummis, R-WYO., sent a letter to the CFPB in support of open banking policies as the agency considers the law, while consumer groups also weighed in.
“Major financial institutions They are trying to consolidate their power and maintain unlimited control of consumer data, “will be alarmed, the Managing Director of consumer research, said in a statement.
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“If these big banks are allowed to continue to control access to consumer information, they will have a lot of leeway in punishing Americans for their beliefs and forcing compliance with their left-wing ideologies.”
