Required Rulemaking on Personal Financial Data Rights


Required Rulemaking on Personal Financial Data Rights

Subject: Consumer access to data
Agency: CFPB
Proposed rule

The Consumer Financial Protection Bureau (CFPB) is proposing a rule to implement personal financial data rights under the Consumer Financial Protection Act of 2010 (CFPA). The proposed rule would require depository and nondepository 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.

FR Doc: 2023-23576
Date proposed: Oct. 19, 2023
Comments due date: Dec. 29, 2023
Effective date:

Rule compliance date:
Agency release:

CFPB Proposes Rule to Jumpstart Competition and Accelerate Shift to Open Banking

Related Reg Report item(s):

Bureau unveils new rule proposal aimed at giving consumers more control over their financial data