CFPB Seeks Comment On Improving Consumer Access To Financial Information

On October 22, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advance notice of proposed rulemaking (ANPR) that seeks comment on consumer access to financial information, pursuant to Dodd-Frank Act Section 1033. In the ANPR, the CFPB asks for input to aid the development of regulations to implement Section 1033, which imposes a new obligation on financial institutions to provide consumers, upon request, with electronic access to their account information, subject to rules to be promulgated by the CFPB. In its press release, the CFPB noted that “[w]hile consumer access to financial records can enable the development of innovative and beneficial consumer financial products, it can also present consumer risks.”