May 15, 2024

Bloomberg Law Quotes Jonathan Pompan on CFPB Measures Regarding Financial Data

1 min

On May 15, 2024, Bloomberg Law quoted Jonathan Pompan on measures that the Consumer Financial Protection Bureau’s (CFPB) is taking regarding financial data. According to the article, the CFPB has recently engaged in a push to allow consumers to seamlessly share their financial data, which will bolster big banks’ power. Bloomberg Law suggests that to avoid this, the agency must make it simple for fintechs and others to use the data for research purposes. 

The article also highlighted concerns over recent CFPB proposals. Consumer advocates believe that the CFPB should allow customers to opt into a variety of marketing from companies they engage and do business with.

“The agency will probably look favorably on using de-identified and anonymized data for research, but loosening the restrictions on cross-selling opportunities could be a harder sell,” said Pompan. He explained that while in other settings there has been opposition, “allowing consumers to opt in would be a notable development.”

Click here to access the article.