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Ranking Member Maxine Waters' Statement on CFPB's Proposed Personal Financial Data Rights Rule

Statement

Date: Oct. 20, 2023
Location: Washington, DC
Issues: Finance and Banking Business, Consumers, and Employees

"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."


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