A “fast facts” sheet on a proposal to give consumers ostensibly have control over data about their financial lives and aimed at giving consumers new protections against companies misusing their data was issued Wednesday by the federal consumer financial protection agency.
The facts sheet focuses on the proposed “Personal Financial Data Rights” rule, issued Oct. 19 by the Consumer Financial Protection Bureau (CFPB). The proposal, which implements section 1033 of the Consumer Financial Protection Act of 2010 (CFPA or the Dodd-Frank Wall Street Reform and Consumer Protection Act, “Dodd-Frank”), would “challenge the financial services industry to compete for customers, protect consumers from excessive surveillance, and help people walk away from bad service,” the agency said when it proposed it.
The facts sheet notes that the proposal has tiered compliance dates. “The earliest of the four compliance dates would be approximately six months after publication of a final rule in the Federal Register, and the last of the four compliance dates would be four years after publication of a final rule in the Federal Register,” the fact sheet notes.
CFPB said that, generally, covered data providers that are larger depository institutions or that are nondepository entities would be required to comply earlier than covered data providers that are smaller depository institutions.
Other top points made in the facts sheet include:
- Proposed institutional coverage
- Other affected parties under the proposed rule
- Proposed covered products, services, and data
- Key requirements proposed for covered data providers
- Key proposed standard-setting provisions
- Key provisions proposed for authorized third parties and data aggregators