The bureau seeks comment on costs and benefits of consumer data access, data security and accuracy, among other topics.
11/6/2020 12:00
The Consumer Financial Protection Bureau has issued an advance notice of proposed rulemaking (ANPR) requesting information related to consumer access to financial records. Comments are due Feb. 4, 2021, according to the Federal Register notice.
In issuing the ANPR, the bureau is asking the public 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, according to a news release from the CFPB.
It continues:
“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. 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. Use cases for consumer-authorized data include personal financial management, making and receiving payments, assisting consumers with improving savings outcomes, underwriting credit, and many other services.
“While consumer access to financial records can enable the development of innovative and beneficial consumer financial products, it can also present consumer risks. The bureau’s ANPR seeks 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.”
According to the ANPR, the bureau is seeking information “regarding the possible scope of data that might be made subject to protected access, as well as information that might bear on other terms of access, such as those relating to security, privacy, effective consumer control over access and accessed data, and accountability for data errors and unauthorized access. The bureau is also interested in comment on whether and how issues of potential regulatory uncertainty with respect to section 1033 and its interaction with other statutes within the bureau’s jurisdiction, such as the Fair Credit Reporting Act, may be impacting this market to the potential detriment of consumers and seeks information that may help resolve such uncertainty.”
All interested parties are encouraged to submit comments on the ANPR using Docket No. CFPB-2020-0034 or RIN 3170-AA78 by any of the following methods:
- Federal eRulemaking Portal: https://www.regulations.gov. Follow the instructions for submitting comments.
- Email: [email protected]. Include Docket No. CFPB-2020-0034 or RIN 3170-AA78 in the subject line of the message.
- Mail/Hand Delivery/Courier: Comment Intake—Section 1033 ANPR, Bureau of Consumer Financial Protection, 1700 G Street NW, Washington, D.C. 20552.
The bureau encourages the early submission of comments and electronic submissions during the COVID-19 pandemic and because mail in the Washington, D.C., area is subject to delay.