Letter to CFPB in Response to Its RFI on the Collection, Use, and Monetization of Consumer Payment and Personal Financial Data

ICBA sent a comment letter to the Consumer Financial Protection Bureau in response to its request for information on the collection, use, and monetization of consumer payment and other personal financial data.

ICBA noted that community banks remain steadfast in their commitment to safeguard and prioritize the protection of consumer information and recommended the CFPB focus its regulatory oversight resources on establishing parity between traditional financial institutions and under-regulated technology service providers that provide bank-like services.