The CFPB outlined various proposals and alternatives under consideration for a rulemaking on personal financial data rights.
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CFPB Director Rohit Chopra intends to "activate a dormant authority" under the Consumer Financial Protection Act to give consumers control over the financial data they maintain with banks, and allow them to transfer their information to another financial institution.
In separate hearings, the Senate Banking Committee and the House Financial Services Committee heard testimony from CEOs of the largest U.S. banks on a broad range of public policy and compliance matters.
The CFPB warned that financial institutions and their service providers can be held liable for maintaining insufficient data protection or information security.
OCC Acting Comptroller Michael J. Hsu encouraged financial institutions to continue investing in cybersecurity risk mitigation efforts, and to collaborate through financial industry joint efforts aimed at information sharing and collective defense.