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DCA CEO Advocates for Industry on New Proposed CFPB Data Rules

By February 25, 2021March 16th, 2021No Comments

DCA CEO Advocates for Industry on New Proposed CFPB Data Rules

Comment Letter to CFPB

The Digital Commerce Alliance CEO, Silvio Tavares, recently met with the staff of the Consumer Financial Protection Bureau and also submitted formal written comments regarding the agency’s proposed rule making relating to financial data. To read the DCA CEO’s comment letter please visit here.

The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector. DCA is committed to providing advocacy and common standards for the financial data industry and recently announced the Financial Data Forum, a division of the non-profit trade association that promotes standardization and best practices for financial data transparency, security and interoperability. DCA supports the diverse set of perspectives from multiple industries among its members by providing governing bodies the information and insight they need to assure a sound and efficient environment for digital commerce.

DCA Consumer Data Transparency Rights

DCA recently submitted commentary to CFPB in response to a proposed new rule regarding consumer access to financial records under the Dodd Frank Act. The comment letter draws heavily from DCA’s Consumer Data Transparency Rights. These cross-industry consumer data standards, developed by DCA member companies, under the auspices of the DCA in 2018 and 2019, reflect the combined aspiration of members to implement common industry best practices and standards for the safe and effective use of consumer financial data.

Financial Data Forum and CardLinx Forum

DCA and its divisions (including CardLinx and the Financial Data Forum) will continue to take a leadership role on important initiatives to protect consumers while also eliminating friction for digital commerce, and will continue to keep you apprised of important developments in this field.

For more information email DCA member services at [email protected]

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