Government Finally Asks: Who's Getting Rich Off Your Starbucks Purchases?
Published Date: 1/15/2025
Notice
Summary
The Consumer Financial Protection Bureau wants to hear from you about how companies collect, use, and make money from your payment and personal financial data. This is all about protecting your info and making sure businesses play fair. If you have thoughts, share them by April 11, 2025, so the CFPB can shape smarter rules that keep your money info safe and sound.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Massive Data Collection by Payment Apps
The CFPB found that some payment products routinely collect over one thousand data fields about users, and one product collects tens of thousands of fields. These collections can include biometric information, geographic location, device ‘‘fingerprinting,’’ contact details, and SKU-level purchase data, which raises privacy and consumer-protection concerns.
CFPB May Revise Regulation P Privacy Rules
The CFPB is gathering information to decide whether to update Regulation P and the GLBA-related model privacy form, in part responding to a GAO recommendation. The CFPB explicitly seeks public comments to inform any potential updates and is accepting comments through April 11, 2025.
Low Consumer Awareness and Opt-Out Rates
Surveys cited in the notice show low consumer awareness that fintech apps use third parties (about 20% aware) and that fintech apps can sell personal financial data (about 24% aware). The CFPB also cites surveys where 89%–94% of respondents said they value restrictions on banks sharing data, indicating a gap between consumer preferences and knowledge.
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