To the editor:
After a long week on the job, hardworking Ohioans trust their banks and credit unions to safeguard their paychecks, savings, and financial information – not to involuntarily surrender it to giant financial technology companies eager to harvest and exploit our data.
But that’s exactly what regulators in Washington want to do. In October 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule that –– because of technical language –– effectively opened the door for third party technology companies to demand consumers’ personal financial data at no cost and without clarity or consent.
This jeopardizes consumers’ private and sensitive financial information, undermining the security programs banks have put in place to protect Americans.
While the rule has been paused, the Trump Administration’s CFPB can revisit the rule-making process. As the CFPB revisits this rule, it must put the financial security of hardworking Ohioans –– and all Americans –– first. That means either abandoning the previous rule or completely rewriting it to ensure that Big Tech cannot sidestep the trust families put in their local financial institutions.
We deserve the peace of mind that our community’s financial institutions are able to keep our information secure.
Ted Linscott, SE Ohio Central Labor Council President
Athens, Ohio
