Stand with President Trump: Bury Biden's Bad Rule 1033

350 Messages of 500 goal

I am writing to strongly oppose the Biden CFPB’s interpretation of Rule 1033 which dangerously expanded the right to access consumers’ data. The PFDR Rule opened the door for data middlemen to gain unfettered access to sensitive personal financial data—exposing ordinary Americans to massive risks. 
Financial data contains some of the most private information we have. In the wrong hands, it can be exploited for malicious purposes including identity theft and fraud. We’ve all seen how data breaches have exposed millions of consumers. Allowing companies without fiduciary responsibilities greater access to this data only increases the chances my information will end up on the dark web.
It is essential that consumers retain control over their data and its use from beginning to end. The PFDR Rule does not provide adequate privacy protections. Most people don’t read long user agreements or fine print. Giving broad rights to data aggregators through buried consents is not meaningful protection. When signing up for a service, I should know exactly what data will be accessed, how often, by whom, for how long, and for what purposes. Without this transparency, consumers cannot make informed decisions about their privacy and security.
Furthermore, the practice of “screen scraping”—where third parties collect a customer’s userID and password to access data—should be prohibited. This practice limits consumer control over their information and exposes them to unnecessary security threats.
Regarding fees, the government should not be in the business of dictating what private companies charge for services. The Bureau’s approach to prohibiting reasonable safeguards or cost recovery is unfair and effectively provides a subsidy to Silicon Valley billionaires who do not hold the same fiduciary requirements as my financial institution. Data middlemen should not get a government subsidy at the expense of consumer security. That kind of government-imposed price control is contrary to free market principles and will distort incentives, undermine innovation, and ultimately leave regular Americans worse off.
I urge the Bureau to reverse the bad Biden-era Rule 1033, reject Silicon Valley’s push for unfettered access to personal banking data, and adopt a narrow, commonsense rule that puts consumer protection first.

Sincerely,
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