The Consumer Financial Bureau (CFPB) issued an advance notice of proposed rulemaking (ANPR) on consumer access to financial records. In the ANPR, the bureau is requesting public opinion on how best to implement section 1033 of the Dodd-Frank Act. This section provides for consumer rights to access financial records.
“When consumers use financial products and services, the providers of those products and services generally accumulate data about those consumers and their use of those products and services,” the bureau said in a release. “Consumer access to these data allow consumers to manage their financial accounts and can enhance consumers’ control of their financial matters. Consumers may realize these benefits by authorizing third parties to access these data on their behalf and allowing those third parties to deliver new or improved financial products and services.”
Consumers could use this type of access and permissions to better manage their personal finances, make and receive payments, improve savings outcomes, and many other services.
Comments regarding the proposed rule will be due within 90 days of the ANPR’s publication in the Federal Register. Specifically, the bureau is looking for comments on costs and benefits of consumer data access; competitive incentives; standard-setting; access scope; consumer control and privacy; and data security and accuracy.