Hybrid Hearing - Preserving the Right of Consumers to Access Personal Financial... (EventID=114061)

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Connect with the House Financial Services Committee Get the latest news: https://financialservices.house.gov/ Follow us on Facebook: https://www.facebook.com/HouseFinancialCmte Follow us on Twitter: https://twitter.com/FSCDems ___________________________________ On Tuesday, September 21, 2021, at 10:00 a.m. (ET) Task Force on Financial Technology Chairman Lynch and Ranking Member Emmer will host a virtual hearing entitled, “Preserving the Right of Consumers to Access Personal Financial Data." - - - - - - - - Witnesses for this one-panel hearing will be: • Tom Carpenter, Director of Public Affairs, Financial Data Exchange • Raúl Carrillo, Associate Research Scholar, Yale Law School; Deputy Director, Law and Political Economy Project • Kelly Thompson Cochran, Deputy Director, FinRegLab • Chi Chi Wu, Staff Attorney, National Consumer Law Center • Steve Smith, CEO and co-founder, Finicity Overview As financial services companies increasingly employ consumer data to provide new products and services, enormous amounts of data about an individual’s personal and financial information are now collected, stored, and at-times made available to third parties. Financial products and services that now rely on consumer-authorized data have the potential to provide improved and innovative new services to consumers, enabling consumers to manage personal finances, automate or set goals for saving, receive personalized product recommendations, apply for loans, and perform other financial tasks.1 However, debates over how financial institutions should be allowed to use or share consumer data between institutions remain unresolved. The increasing use of consumers’ financial data by fintechs and other financial institutions raises policy questions about consumer protections, financial inclusion, privacy, and competition, and how current laws and regulations currently operate in this space. To better understand the growing use of consumer financial data, the Task Force on Financial Technology held a hearing in November 2019 entitled, “Banking on Your Data: The Role of Big Data in Financial Services.” Subsequently, the Consumer Financial Protection Bureau published an advanced notice of proposed rulemaking (ANPR) in November 2020 to solicit information from the public on consumers’ right to access their financial information, pursuant to Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA 1033),... Hearing page: https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408301