With Nod to Industry Progress, CFPB Seeks Feedback on Data Access Regs

The Consumer Financial Protection Bureau today issued an advance notice of proposed rulemaking on consumer-authorized access to financial records. The ANPR seeks feedback on how the CFPB “might effectively and efficiently implement the financial record access rights described in Section 1033 [of the Dodd-Frank Act], recognizing that various market participants have helped authorized data access become more secure, effective, and subject to consumer control.”

The bureau also sought information on the possible scope of data that might be covered by a Section 1033 rulemaking and on whether and how issues of regulatory uncertainty may be affecting consumer access to financial data. The ANPR comes amid the growing trend of consumers opting to share their financial data with third parties and data aggregators, while many banks have deployed APIs to facilitate consumers’ choices to share data securely.

The American Bankers Association supports consumers’ ability to share their financial data but continues to emphasize the importance ensuring that it is done in a secure way that gives consumers bank-level security, transparency, and control. 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. Comments on the ANPR are due 90 days after it is published in the Federal Register.