CBA offers suggestions for Section 1033 rulemaking

The Consumer Bankers Association sent a letter to the Consumer Financial Protection Bureau (CFPB) outlining specific recommendations to deliver a “well-founded, durable” Section 1033 rule. Section 1033 of the Dodd-Frank Act authorizes the CFPB to engage in rulemaking and enforcement regarding the security and accessibility of consumers’ personal financial data. The CFPB announced last year it had begun preliminary rulemaking procedures to promulgate a Section 1033 rule. Read on for more details.