The Consumer Financial Protection Bureau will issue an advance notice of proposed rulemaking later in the year on consumer-authorized access to financial records, according to an announcement today. The ANPR will seek feedback on how the CFPB might implement the data access rights outlined in Section 1033 of the Dodd-Frank Act.
Specifically, the bureau will ask for information on the possible scope of data that might be made subjected to protected access and whether existing regulatory uncertainties with regard to Section 1033 might be negatively affecting consumers. The CFPB’s announcement comes amid the growing trend of consumers opting to share their financial data with third parties and data aggregators.
ABA continues to emphasize the importance of protecting consumers when they choose to share their financial data with third parties. The association previously outlined a set of principles for the responsible sharing of consumer financial data and recommendations to ensure that bank customers have control over how their financial data is shared.