Consumer Protection Chief Says FTC Tracking CFPB Rule, Data Portability Issues
The FTC is watching data portability issues closely, as they tie into consumer and antitrust, Consumer Protection Bureau Director Andrew Smith told the agency’s virtual workshop Tuesday. The FTC is following the Consumer Financial Protection Bureau’s recent announcement of a…
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potential rulemaking under the Dodd-Frank Act Section 1033, which “authorizes the CFPB to create rules enhancing consumers’ access to their financial data,” Smith said. Data portability can increase consumer choice and control and foster competition by lowering barriers to entry, he said. increased data flows raise questions about how to properly ensure data is secured, he added. Data portability could eventually help balance network effects of platforms, said Karolina Mojzesowicz, European Commission deputy head-Unit for Data Protection, Directorate General for Justice and Consumers. Consumers are more sensitive about their data and more proactive about looking for services offering data portability, she said.