The Banking Data Exposure Rule endangers YOUR personal privacy, money and national security.

Consumer Financial Protection Bureau’s (CFPB) Banking Data Exposure Rule will create unsafe access to Americans’ sensitive financial data —exposing our most vulnerable communities to a greater risk of theft and financial fraud.

Under the Banking Data Exposure Rule, you’re saying yes to the following:

Unregulated third-party access to your data:

The rule mandates banks to share your sensitive financial data with unaccountable third parties, creating a system ripe for abuse.

 

Global exposure to fraudsters:

The rule makes Americans’ bank accounts a target for unregulated international companies, nonbanks and fraudsters who want to profit from access to sensitive financial data.

Exposure to foreign threats:

The rule prevents consumers from ensuring that foreign entities cannot access their sensitive financial data, further eroding consumers’ confidence in the digital marketplace.

 

 

What’s more, the Banking Data Exposure Rule hands Big Tech a massive windfall — giving these companies free rein to profit from your personal data while you and other consumers bear all the risks and none of the rewards.

The Banking Data Exposure Rule demonstrates how the administrative state can serve the interests of powerful corporations, handing Big Tech unprecedented access to your personal bank account and other financial data without costs, transparency, or accountability.