Rep. Meeks Leads Bipartisan Letter on Consumer Data Protection

WASHINGTON, D.C. - Today, U.S. Rep. Gregory W. Meeks (NY-05) led a bipartisan letter along with Congresswoman Brittany Pettersen (D-CO), Congresswoman Erin Houchin (R-IN), Congressman Mike Flood (R-NE) and 10 other House Financial Services Committee members to the Consumer Financial Protection Bureau (CFPB) requesting revisions to secondary data use restrictions in the Personal Financial Data Rights proposed rulemaking.

"Through this rulemaking, the CFPB is making significant strides in giving consumers control over their data usage and sharing," said Rep. Meeks. For that reason, we want to ensure that unintended consequences, such as reduced competition and increased risk of fraud, don't undermine the rule in a way that could negatively impact consumers."

"In an era where data is as valuable as currency, it's imperative that consumers maintain control over their own information," said Rep. Houchin. "We must ensure that our pursuit of consumer protection does not inadvertently lead to reduced benefits, diminished competition, or heightened risks of fraud."

"In our digital age, it's important that consumers are given control over their own data so they can use it in ways that benefit them, said Rep. Flood. "Today, we're asking the Consumer Financial Protection Bureau to adjust the Personal Financial Data Rights proposal to unlock the innovation and competition that will come from open banking. Thanks to all my colleagues, and especially Representatives Houchin, Meeks, and Pettersen, for joining in this important effort."

"We agree that our financial services system should put the consumer in charge of how their data is used, and we seek to empower consumers to safely share their financial data with the providers of their choice," wrote the lawmakers in their letter. "Additionally, we support the proposed rule's efforts toward data privacy, data minimization, and its prohibition on third parties selling consumer data."

The Personal Financial Data Rights proposed rule is intended to implement section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1033 directs the CFPB to ensure that a consumer financial services provider must make that consumer's own financial data available to them for their own use.

Rep. Meeks is a senior member of the Financial Services Committee. The letter can be found here.