FPF Response to CFPB Data Portability Proposal

In response to the Consumer Financial Protection Bureau’s (CFPB) request for comment regarding data portability for financial products and services, the Future of Privacy Forum filed comprehensive comments and recommendations, urging the Bureau to craft balanced, informed privacy rules that protect individuals’ personal information while enhancing trust in the privacy and security of emerging data portability mechanisms in this space.

The request is an initial step for the CFPB, which is expected to launch an upcoming rulemaking on this issue under the Dodd-Frank Act later this year; the rulemaking will likely implicate practices such as peer-to-peer payments, tax filings, and wealth management services.