On 10/22/2020, the CFPB released an advance notice of proposed rulemaking (ANPR) requesting feedback from the public as to how it might most efficiently and effectively develop regulations to implement Section 1033 of the Dodd-Frank Act, which provides for consumer rights to access financial records.
In their release, the CFPB explains that consumer access to data collected by financial product and service providers allow consumers to manage their financial accounts and can enhance consumers’ control of their financial matters. While consumer access to financial records can enable the development of innovative and beneficial consumer financial products, it can also present consumer risks. Therefore, the CFPB’s ANPR is seeking comments and information on costs and benefits of consumer data access; competitive incentives; standard-setting; access scope; consumer control and privacy; and data security and accuracy.
The full ANPR can be found here.