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On 25 January 2023, the Consumer Financial Protection Bureau (CFPB) closed the consultation on its its proposals for a Rule on Personal Financial Data Rights. The proposal would apply to all entities that fall under the definition of a financial institution or card issuer, including banks and credit unions, but also to other persons who hold an asset account belonging to a client, as well as persons who contract with a consumer to provide electronic fund services (EFT). The rule would allow data transmission from one company to another so that the second company can provide its services to the new clients. Further, the rule aims to ensure that third parties use the shared information only to provide their services. Third parties will be required to act on behalf of the customer, and they will be required to obtain the express and informed consent of the consumer and ensure that they make proper use of the data. In addition, third parties would have to ensure that they restrict the collection, use and retention of data and implement cybersecurity standards and comply with the data accuracy standards.
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