CFPB Seeks Feedback On Consumer Access To Financial Records

The CFPB requested feedback on the development of regulations to implement Section 1033 of Dodd-Frank ("Consumer Rights to Access Information").

In an Advance Notice of Proposed Rulemaking, the CFPB stated that it is seeking stakeholder comments on, among other things:

• efficient and effective methods of implementing the financial record access rights for consumers under Section 1033;
• the potential scope of data that may be securely accessed, as well as related security, privacy and customer control considerations; and
• possible regulatory uncertainty stemming from interactions between Section 1033 and other statutes within CFPB jurisdiction, including the Fair Credit Reporting Act.