Why Some Republicans Are Praising An Agency They Hate
PoliticoSomething like this won’t get much attention just two weeks out from a presidential election that has sucked up all of the oxygen in Washington. “Congress must build on the bipartisan consensus regarding financial data privacy.” Chopra and his agency appear to be benefiting from widely shared frustration with all that uncertainty — one of a few things that might bring Warren allies and McHenry sympathizers together. Under the rule, companies that access a person’s data can’t use it for targeted advertising, consumers must reauthorize access to their data every year, and they have the right to revoke access at any time. “It only governs consumer-permissioned data from a bank account or credit account,” Chi Chi Wu, a senior attorney at the National Consumer Law Center, said of the CFPB rule. “By mandating banks must hand over sensitive customer account data to any third party that got someone to click ‘I accept’ on their app, this rule handcuffs banks’ ability to demand high security standards from third parties,” JPMorgan Chase spokesperson Trish Wexler said in a statement.
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