Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Consumer Financial Protection Bureau’s (CFPB) notice of proposed rulemaking entitled, “Personal Financial Data Rights,” which if finalized would implement Section 1033 of the Dodd-Frank Act regarding consumer data rights and market competition. The CFPB has long been supported by Congresswoman Waters and is the only federal agency dedicated to protecting consumers from a wide range of unfair, deceptive, and abusive products and practices provided by financial institutions, including payday lenders and big banks.

“I applaud Director Chopra and the CFPB staff for their good work in proposing the Personal Financial Data Rights rule, implementing a key provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act designed to promote competition and empower consumers to have greater control over their own data. For too long, consumers have faced significant challenges preventing them from easily moving their money from a megabank that has ripped them off or saddled them with junk fees to another financial institution – like a minority depository institution, community bank, credit union or a community development financial institution – that will serve them better. I’ve also remained deeply concerned about companies misusing, exploiting, and selling sensitive and personal consumer data without the affirmative permission of a consumer. I commend the CFPB’s commitment to ensuring our financial system works better for all of our nation’s consumers, and I look forward to reviewing this proposed rule further.”

###