WBA Comments on CFPB’s Data Privacy Summary of Proposals

Summary of a recent comment letter below

On January 25, WBA filed comments on the Consumer Financial Protection Bureau’s (CFPB) Outline of Proposals to implement regulations related to data access rights. While CFPB is still in the information gathering stage and has not yet issued any rules,

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The WBA Legal Department does more than address legal concerns for the Association; it provides tangible assistance to member banks via its free legal call program. The Association’s team of attorneys work to relieve some of the industry’s compliance pressure as a timely resource for a wide variety of legal inquiries. Submit your legal inquiry via email (wbalegal @wisbank.com) or by calling the legal hotline at 608-441-1200.

Transfer by Affidavit Form includes a section related to these services and, if the decedent (or spouse) received such benefits, or the affiant does not know, then the affiant must send notice to the state and provide receipt of that notice to the bank before receiving property. If the affiant does not provide this receipt, the bank cannot release the property.

WBA took the opportunity to share the industry’s thoughts regarding the data sharing and aggregation ecosystem. WBA recommended that CFPB take a cautious, balanced approach to any future rulemaking.

View this and previous comment letters filed by WBA at www. wisbank.com/CommentLetters.

For copies of this or other WBA comment letters, please contact the WBA Legal Department at 608-441-1200 or visit www. wisbank.com/CommentLetters

Oftentimes, the Wisconsin Bankers Association (WBA) is asked certain questions such as: must a bank verify the affiant’s status (e.g., as an heir)? Or, what if the affiant lies or is mistaken regarding the property or other duties? These questions, and others, can be answered by considering the statutory protections received by banks releasing property to the affiant. That is, Wisconsin law provides for release of liability of the transferor of the property. Meaning, liability protections for the bank. This protection is contingent on the above conditions, but in general, banks should consider that by signing the Affidavit Form, the affiant certifies that the contents of