A proposed rule detailing how depository and nondepository entities must make consumers’ financial transaction and account data available to consumers and authorized others is out for comment until Dec. 29, according to a notice Tuesday in the Federal Register.
The Consumer Financial Protection Bureau (CFPB) said its proposed rule, among other things, would require that banks and other providers subject to the rule make personal financial data available, at no charge to consumers or their agents, through dedicated digital interfaces that are safe, secure, and reliable.
Titled the “Personal Financial Data Rights” rule, the proposal was issued Oct. 19 under requirement of the Consumer Protection Act of 2010. The proposal, the bureau said, would also establish obligations for third parties accessing a consumer’s data, including privacy protections for that data, provide basic standards for data access, and promote “fair, open, and inclusive industry standards.”
The bureau said that under the proposal, bank customers would have the legal right to share with third parties data associated with their credit card, checking, prepaid, and digital wallet accounts. “This would allow them to access competing products and services without worrying that their data might be collected, used, or retained to serve commercial interests over their own,” the agency said. “Importantly, people could be certain that their data would be used only for their own preferred purpose—and not for financial institutions or tech companies to surveil and manipulate.”
Reg Lookup: Required Rulemaking on Personal Financial Data Rights