United States of America: Closed consultation on CFPB Personal Financial Data Rights Rule
Description
Closed consultation on CFPB Personal Financial Data Rights Rule
On 29 December 2023, the Consumer Financial Protection Bureau (CFPB) closed its consultation as part of its rulemaking proposing a Personal Financial Data Rights rule. The rule would create consumer rights granting control over their personal financial data. Financial institutions would be required to make such data available to consumers, who would have the right to share such data with other companies. The proposed rule would also require that third-party recipients of personal financial data only use such data for their intended purposes, and would prevent data use for activities such as targeted advertising and further sales of such data.
Original sourceScope
Policy Area
Data governance
Policy Instrument
Data protection regulation
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies), other service provider
Implementation Level
national
Government Branch
executive
Government Body
consumer protection authority
Complete timeline of this policy change
Hide details
2022-10-27
in consultation
2023-01-25
processing consultation
2023-10-19
in consultation
2023-12-29
processing consultation
2024-10-22
adopted
2026-04-01
in force
2027-04-01
in force
2028-04-01
in force
2029-04-01
in force