The Consumer Financial Protection Bureau (the
“CFPB”) recently issued a Notice of Proposed Rulemaking
to implement Section 1033 of the Dodd-Frank Act (“Section
1033”). Section 1033 generally requires covered persons to
make information concerning a financial product or service that a
consumer has obtained from such person available to the consumer,
subject to CFPB rulemaking.
The rule recently proposed by the CFPB to implement Section 1033
(the “Proposed Rule”) would require that certain
entities make transaction and other account data more readily
available to consumers and authorized third parties. It also would
impose privacy and information security obligations and limitations
on these entities, as well as on third parties authorized to
collect and use that data. These requirements and limitations are
discussed in more detail below.
