Congressional Hearing on Consumer Access to Financial Data
January 1, 2021
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The Frame
This hearing explores the regulatory framework for how consumers share their personal banking information with third-party financial apps, which impacts the security and portability of financial services for millions of Americans.
Potentially affected actors named in the source documents. Mention is not a position.
Consumers
Consumers are the primary subjects of the data access rights and security standards discussed in the hearing.
Financial Technology (FinTech) Companies
These companies rely on consumer data access to provide financial services and are subject to potential future regulations discussed by the task force.
Traditional Banking Institutions
Banks are the primary holders of consumer financial data and are involved in the protocols for sharing that data with third parties.
Last recorded activity January 1, 2021.
Next step not available in the current record.
Summary
Key Facts
- The hearing took place on September 21, 2021, in the Rayburn House Office Building.
- The hearing focused on the 'right of consumers to access personal financial data'.
- Five expert witnesses provided testimony: Tom Carpenter, Raul Carrillo, Kelly Thompson Cochran, Steve Smith, and Chi Chi Wu.
- Numerous organizations submitted written statements for the record, including Plaid, Inc., the American Bankers Association, and the Bank Policy Institute.
- The hearing was conducted as a hybrid proceeding.
Why It Matters
This hearing explores the regulatory framework for how consumers share their personal banking information with third-party financial apps, which impacts the security and portability of financial services for millions of Americans.
Frequently Asked Questions
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Who testified at the hearing?
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Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Focus on Data Portability
The hearing highlights a shift toward formalizing consumer rights to move their financial data between institutions, a key component of 'Open Banking'.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance60How much this matters to a regular citizen
- Controversy30Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz20Current news / social attention level
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