Rep. Gregory W. Meeks Sends Letter to CFPB Urging the Inclusion of Payroll Data in Open Banking Rulemaking

WASHINGTON, D.C. – Congressman Gregory W. Meeks (NY-05) and nine of his colleagues sent a letter to the Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra urging the Bureau to include payroll data in their Dodd-Frank Section 1033 open banking rules. The information held with payroll platforms, such as gross and net pay, employment length, and hours worked can be used by lenders to build a complete profile of the borrower – instead of relying solely on credit scores.

“For consumers who have historically been excluded from the traditional banking system, payroll data can be instrumental in empowering consumers to show their accurate financial history,” said Congressman Meeks. “A study shows that 20% of U.S. adults, including many in underserved communities, have little or no credit history. Creating opportunities for wealth generation among people of color is one of my top priorities in Congress. It would be a missed opportunity to leave payroll data out of the equation when including it could help our constituents to access housing and credit."

To see the full letter, click link below. 

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