🔒CFPB Personal Financial Data Rights Proposed Rulemaking Overview
Personal Financial Data Rights Reconsideration
Summary
The Consumer Financial Protection Bureau (CFPB or Bureau) is seeking comments and data to inform its consideration of four issues related to implementation of section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These issues are: the proper understanding of who can serve as a "representative" making a request on behalf of the consumer; the optimal approach to the assessment of fees to defray the costs incurred by a "covered person" in responding to a customer driven request; the threat and cost-benefit pictures for data security associated with section 1033 compliance; and the threat picture for data privacy associated with section 1033 compliance.
Agencies
- Consumer Financial Protection Bureau
Business Impact
$$$ - High
The text details proposed rulemaking by the CFPB impacting data access rights for consumers, requiring financial institutions to comply with new standards that could affect operational costs. Business owners and executives must prepare for potential compliance costs, data security investments, and changes in consumer authorization protocols.