“ABA and our members fully support consumers’ ability to access and share their financial data in a secure, transparent manner that gives them control. Today, banks, data aggregators and other technology companies are collaborating to build tools that move away from less secure methods of data sharing like screen scraping to more secure API-based standards that protect and empower consumers. As we stated in our recent petition to the CFPB, we firmly believe that other entities that are granted access to consumers’ data must be held to the same high standards and supervision related to data security, privacy, and consumer protection that banks must meet today. We look forward to engaging with the CFPB throughout the rulemaking to ensure safeguarding consumers’ financial information remains the top priority.”
The American Bankers Association is the voice of the nation’s $23.7 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.6 trillion in deposits and extend $11.8 trillion in loans.