CFPB to Host Consumer Access to Financial Records Symposium This Week

Feb 25, 2020Federal Regulation, News

This week, the Consumer Financial Protection Bureau (CFPB) will host a symposium on Consumer Access to Financial Records. The symposium will also cover Section 1033 of the Dodd-Frank Act, which addresses the rights of consumers to access information about their financial accounts.

The purpose of the symposium is to obtain various perspectives on the state of the services offered for consumer-authorized use of financial data. Bureau Director Kathleen Kraninger will speak at the event, which will feature three panels of experts.

The first panel will weigh the risks and benefits of consumer-authorized access to data. It will also look at the present holders of consumer data, and will be moderated by Paul Watkins, CFPB Assistant Director in the Office of Innovation. Speaking on the panel will be Becky Heronimus, Managing Vice President of Consumer Platforms, Data Ethics and Privacy at Capital One; John Pitts, Policy Lead at Plaid; Natalie Talpas, Senior Vice President, Product Group Manager, Digital at PNC; Christina Tetreault, Senior Policy Council at Consumer Reports; and Nick Thomas, Co-founder and Chief Technology Officer at Finicity.

Will Wade-Gery, the Bureau’s Senior Advisor in the Office of Innovation will moderate the second panel, where experts will discuss market advancements in consumer-authorized data access. That panel will feature Steven Boms, Executive Director at FDATA N.A.; Lila Fakhraie, Senior Vice President, Digital Banking APIs at Wells Fargo Bank; Jason Gross, Go-Founder and CEO of Petal; Melissa Koide, CEO at FinRegLab; and James Reuter, CEO and President of First Bank Holding Company.

The last panel will concentrate on the market’s future, moderated by Thomas Devlin, CFPB Managing Counsel in the Research, Markets and Regulation Division. It will also make suggestions to policymakers on how to ensure that consumers not only have consistent access to their data, but also that it remains secure. That panel will include Jane Barratt, Chief Advocacy Officer at MX; Thomas P. Brown, Partner in the Antitrust and Competition and Global Banking and Payment Systems Practices at Paul Hastings LLP; Brian Knight, Director of Innovation and Governance at the Mercatus Center; Dan Murphy, Policy Manager at the Financial Health Network; Natalie Williams, General Counsel, Responsible Banking and Data at JPMorgan Chase; and Chi Chi Wu, Staff Attorney at the National Consumer Law Center.

This symposium is the fourth in a series meant to analyze consumer protections in the current market and help the Bureau with future rulemakings. For more information about the event, click here.

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