112 U.S.C. §5533;Required Rulemaking on Personal Financial Data Rights, 89 Fed. Reg. 90,838(Nov. 18, 2024) (to be codified at 12 C.F.R. Part 1033). 2“Prepared Remarks of CFPB Director Rohit Chopra at the Federal Reserve Bank of Philadelphia on the Personal Financial Data Rights ...
On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) published its long-awaitednotice of proposed rulemaking (NPRM)for personal financial data rights under Dodd-Frank Act Section 1033. We believe that the success of the financial industry, future innovation, and the financial health...
Almost exactly a year after issuing a Notice of Proposed Rulemaking (NPRM) on Personal Financial Data rights, on October 22, 2024 the Consumer Financial Protection Bureau (CFPB) issued its final Rule under Section 1033 of the Consumer Financial Protection Act. The Rule, also referred to as the...
1https://www.consumerfinance.gov/rules-policy/final-rules/required-rulemaking-on-personal-financial-data-rights/. 2https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-personal-financial-data-rights-rule-to-boost-competition-protect-privacy-and-give-families-more-choice-in-financ...
“The CFPB’s 1033 rulemaking jeopardizes the safety and soundness of our banking system and fails to protect consumer data. We are challenging the CFPB to ensure that banks can continue to protect their consumers and the integrity of the financial system in a safe and sound manner.”—Ballard...
Consumer Financial Protection Bureau Director Rohit Chopra made two appearances yesterday to announce the release of the Bureau’s latest rulemaking,known as Section 1033. The rule governs how consumers access their financial data and how that data is protected. ...
The 2024 presidential election triggered a flurry of action in the banking sphere as agencies raced to fulfill their agendas before a second Trump term. From rulemakings issued by the Consumer Financial Protection Bureau (CFPB) to shifting priorities wit
Section 1033 of the Dodd Frank Act mandates consumers have the ability to access personal information held by their financial services provider. Last year, more than a decade after that legislation was first enacted, the CFPBinitiateda formal rulemaking process to implement...
In the wake of the CFPB’s final1033 Rulemaking, FDX is in the process of updating a consensus standard data format that aligns with relevant portions of the Rulemaking and supports compliance. The CFPB’s recognition comes at a critical time, with the ...
The CPFB’s Fall 2022 Regulatory Agenda (which sets anticipated rulemaking timelines through Fall 2023) sets a sooner-than-anticipated target (now January 2023) for its final rule on small business lending data (i.e., Section 1071). When finalized, the rule will place this data under ...