State Financial Officers Advocate for Consumer Data Sharing Rights

October 23, 2025 - 01:53

Twelve state financial officers have called on the Consumer Financial Protection Bureau (CFPB) to safeguard the rights of consumers to share their financial data with third-party entities. This push comes as the CFPB considers regulations that could impact how financial information is accessed and utilized by various service providers.

The state treasurers emphasize the importance of consumer control over personal financial data, arguing that it fosters innovation and competition in the financial services industry. They believe that allowing consumers to share their data can lead to better financial products and services tailored to individual needs.

In their letter to the CFPB, the financial officers expressed concerns about potential restrictions that could limit consumers' ability to grant access to their financial information. They advocate for a regulatory framework that not only protects consumer privacy but also encourages an open and competitive marketplace. As discussions continue, the outcome will significantly influence how consumers interact with financial technology and services in the future.