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Description

Closed consultation on CFPB Rulemaking on Personal Financial Data Rights

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.

Original source

Scope

Policy Area
Data governance
Policy Instrument
Data protection regulation
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
consumer protection authority

Complete timeline of this policy change

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2022-10-27
in consultation

On 27 October 2022, the Consumer Financial Protection Bureau (CFPB) announced its intention to issu…

2023-01-25
processing consultation

On 25 January 2023, the Consumer Financial Protection Bureau (CFPB) closed the consultation on its …