The Consumer Financial Protection Bureau (CFPB) recently announced options to strengthen consumer control over financial data by issuing a rulemaking procedure under Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The CFPB implements and enforces federal consumer financial laws and ensures that markets for consumer financial products are fair, transparent, and competitive.
Under the options the CFPB is considering, consumers would be able to more easily and safely walk away from financial institutions (banks, credit unions, savings associations, or similar organizations) and opt for competing products and services.
The CFPB is also considering proposals that would include important options relating to or governing privacy for personal financial data for third-party users, including limitations that would prevent third parties from reselling certain data to other users.
The CFPB’s rule would require firms to make a consumer’s financial information available to them or a third party at that consumer’s direction. Under the proposed rule, the following categories of information will be made available:
In addition, the retention of consumer financial information and collection are also addressed in the CFPB proposal.
The rulemaking process includes panel discussions to seek feedback from the affected entities on the proposals under consideration. Stakeholders may provide written feedback by visiting the CFPB’s website by clicking here.
The attorneys at O’Reilly Rancilio are available to answer your questions regarding the proposed rulemaking. To learn more, please call 586-726-1000 or visit our website.
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