Bank Groups Want CFPB To Supervise Data Aggregators

By Elise Hansen and Jon Hill (August 2, 2022, 8:49 PM EDT) — Banking industry groups on Tuesday urged the Consumer Financial Protection Bureau to extend its supervision to data aggregators, saying that technology companies’ use of consumer financial data warrants closer scrutiny.

Eight national trade groups petitioned the CFPB to propose rules that would help give the bureau oversight of technology firms that handle consumer financial data. The groups, which included the American Bankers Association, Consumer Bankers Association and Credit Union National Association, argued there’s a “supervisory imbalance” between banks and nonbanks when it comes to dealing with these data.

“Among the participants in the market for aggregation services, typically, data holders, such…

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