The Consumer Financial Protection Bureau Publishes a Notice of Proposed Rulemaking to Implement Personal Financial Data Rights

On October 31, 2023, the Consumer Financial Protection Bureau (CFPB) published a notice of proposed rulemaking to implement personal financial data rights under the Consumer Financial Protection Act of 2010. The proposed rule would require depository and non-depository entities to make available to consumers and authorized third parties’ certain data relating to consumers’ transactions and accounts; establish obligations for third parties accessing a consumer’s data, including important privacy protections for that data; provide basic standards for data access; and promote fair, open, and inclusive industry standards.

Comments must be received on or before December 29, 2023. Read the notice at Regulations.gov.

Submit comments, identified by Docket No. CFPB–2023–0052 or RIN 3170–AA78 at: Federal eRulemaking Portal: https://www.regulations.gov. Follow the instructions for submitting comments.

A brief summary of this document will be available at https://www.regulations.gov/docket/CFPB-2023-0052.

Advocacy contact: Jennifer A. Smith at Jennifer.Smith@sba.gov