CFA Statement on CFPB New Section 1033 Final Rule on Consumer Financial Data

The Consumer Federation of America released the following statement in response to the new Section 1033 final ruleon consumer financial data issued today by the Consumer Financial Protection Bureau.

"American households often pay more than a hundred dollars per year in checking account fees," said Adam Rust, director of financial services at the Consumer Federation of America. "Too often, customers stay with a checking account that doesn't fit their needs because it's just too complicated to switch and risk being charged an overdraft or late fee if they miss a recurring bill. For customers who are essentially captive to their current bank, this new rule opens the opportunity to pay less and find an account that offers a better fit for their needs. Not only does the Section 1033 rule give consumers control over how their data is used and when it can be shared, but it also allows them to switch banks more easily and, because their newfound power should stimulate competition, it will save them money."