The consumer financial protection agency will take comments until Feb. 4 on its advance notice of proposed rulemaking (ANPR) on consumer access to financial records, according to a notice published Friday in the Federal Register.
Issued in October, the Consumer Financial Protection Bureau’s (CFPB) ANPR, addresses requirements under section 1033 of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Section 1033 requires the bureau to issue rules prescribing that a consumer financial services provider 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 bureau’s 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.
This issue is also slated for discussion among the CFPB’s consumer, community bank, and credit union advisory councils during a combined open meeting to be held virtually Nov. 18.
Reg lookup: Consumer access to financial records