On January 19, 2017, several financial technology ("fintech") companies created a new industry group, the Consumer Financial Data Rights, to urge the Office of the Comptroller of the Currency, the Federal Reserve Board, and the FDIC to limit regulation of smaller fintech firms. The group aims to: (i) promote the rights of consumers to access and share their financial data and (ii) modify cybersecurity rules to reflect the size of the banking institution.
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