BUSY CFPB: Begins rulemaking on financial records access …
Information from the public on the best way to go about developing a rule on consumer access to financial records is being sought by CFPB in an advance notice of proposed rulemaking (ANPR) issued this week. The action follows up on a promise made by the agency in July, which followed a symposium on the subject in February.
In a release, the bureau said its ANPR on consumer access to financial records 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) indicates 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.
CFPB said the ANPR seeks comments and information on costs and benefits of consumer data access, competitive incentives, standard-setting, access scope, consumer control and privacy and data security and accuracy.
“When consumers use financial products and services, the providers of those products and services generally accumulate data about those consumers and their use of those products and services,” the bureau said in its release. “Consumer access to these data allow consumers to manage their financial accounts and can enhance consumers’ control of their financial matters.”
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.
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.”
A 90-day comment period is planned on the ANPR.