On January 15, the CFPB published to the Federal Register a Request for Information (RFI) on the collection, use, sharing and protection of consumer payment and personal financial data by companies offering financial products or services. The CFPB seeks comments on the current business practices and consumer concerns, highlighting the increased adoption of digital payment services, the collection of new types of data, and the potential of new practices that could deviate from consumer expectations.
The RFI noted how existing laws and regulations govern the sharing of nonpublic personal information by financial institutions, and it seeks input on the effectiveness of Regulation P, privacy notices, and opt-out mechanisms, among others. The CFPB is particularly interested in understanding the incentives for companies to collect data. Comments must be received on or before April 11, 2025.
