| Entities | |
| Topics and Issues | Consumer access to financial records (Dodd-Frank Sec. 1033) (7) Open banking (3) |
In October 2022, the CFPB outlined “options to strengthen consumers’ access to, and control over, their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the Dodd-Frank Act. Under the options the CFPB is considering, consumers would be able to more easily and safely walk away from companies offering bad products and poor service and move towards companies competing for their business with alternate or innovative products and services.”
In January 2023, CDIA filed a comment to the CFPB in connection with its October 2022 filing under the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA). Among other points, CDIA wrote that “Section 1033 was not intended to provide a back door to information governed and protected by the [Fair Credit Reporting Act], which already provides for consumer access to the information,”
Section 1033 authorizes the CFPB to write regulations under which consumers may access information about themselves from their financial service providers. As a first rulemaking step, the CFPB is required to consult with a panel representing small businesses under SBREFA.
Additional Resources:
Materials connected to the rulemaking
- CFPB web page, Required Rulemaking on Personal Financial Data Rights
- Dodd-Frank Sec. 1033 (codified at 12 U.S. Code § 5533)
- CFPB Request for Information (RFI) (Nov. 22, 2016)
- CFPB published a set of Consumer Protection Principles for Consumer-Authorized Financial Data Sharing and Aggregation, and a summary of stakeholder insights that informed the Principles (Oct. 18, 2017)
- In February 2020, the CFPB and FTC held a joint symposium, Consumer Access to Financial Records. A summary of those proceedings was released on July 24, 2020. (Feb. 26, 2020)
- Small Business Advisory Review Panel for Required Rulemaking on Personal Financial Data Rights (Oct. 27, 2022)
- High-Level Summary and Discussion Guide of Outline of Proposals and Alternatives Under Consideration for SBREFA: Required Rulemaking on Personal Financial Data Rights (Oct. 27, 2022)
- Director Chopra’s Prepared Remarks at Money 20/20 (Oct. 25, 2022).
- CFPB Advance Notice of Proposed Rulemaking (Nov. 6, 2020)
- Final Report of the Small Business Review Panel on the CFPB’s Proposals and Alternatives Under Consideration for the Required Rulemaking on Personal Financial Data Rights (March 30, 2023).
- Comments filed for the ANPR process.
- Comments filed under the SBREFA process.
Other resources
DavisPolk summary (July 2023)