CFPB to Issue ANPR on Consumer-Authorized Financial Data Access

The Consumer Financial Protection Bureau (CFPB) has announced that the agency plans to ask for input later this year via an advance notice of proposed rulemaking (ANPR) regarding implementation of Section 1033 of the Dodd-Frank Act, which governs consumers’ access to their financial data.

The CFPB’s scope of authority for setting data privacy rules under Section 1033 is unclear.
“Since enactment of Section 1033, the extent to which financial institutions, data aggregators and fintechs are using consumer-authorized access to provide new products and services to millions of American consumers has grown in scope and scale,” the Bureau stated. By issuing the ANPR, the Bureau will inquire how it could “effectively and efficiently implement the financial access rights described in Section 1033,” as well as seek comment on the scope of consumer data subject to protected access. It will also question whether there may be a detrimental regulatory gap considering the current scope of existing laws such as the Fair Credit Reporting Act, which provides regulation for certain instances of collection and use of consumer financial data.

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