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The Clearing House Association and the Bank Policy Institute have stated that a proposed open banking rule by the CFPB does not do enough to protect consumer financial data against screen scraping and the practice's security issues.
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"Requiring banks to build and maintain a portal for third-party access is already a significant burden. The burden is amplified for smaller banks [where some have] expressed that sufficient time would range from five to eight years, and that implementation time be staggered based on asset size."
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