(Dec. 4, 2020) The CFPB’s proposal to develop a rule on consumer access to financial records has been summarized by NASCUS and is posted on the website; the summary – the latest in the association’s continuing series to shine a light on key regulatory developments – is available to members only.
In October, the bureau finally released its advance notice of proposed rulemaking (ANPR) on the issue of consumer access to financial records, following up on a promise it made in July, which in turn followed a symposium on the subject in February.
The bureau said in October that its ANPR is aimed at fulfilling its obligations under a provision of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The proposal’s summary states that the provision (Sec. 1033) provides that the agency will issue rules prescribing that a consumer financial services provider must make available to a consumer information in the control or possession of the provider concerning the consumer financial product or service that the consumer obtained from the provider.
The ANPR seeks comments and information, CFPB said, on costs and benefits of consumer data access, competitive incentives, standard-setting, access scope, consumer control and privacy and data security and accuracy.
In late February, the bureau sponsored a symposium on the law’s requirement for consumer records access rules. The event featured panels discussing benefit and risks of consumer-authorized data access, as well as developments in the area of records access. Then in July, the bureau gave a sort of “head’s up” that the ANPR was coming, saying that the call for information would help the agency understand and address “competing perspectives.”
Comments are due on the ANPR Feb. 4.