The CFPB intends to issue a proposed rulemaking this
year on "consumer-authorized access to financial
records."
According to the CFPB, (i) such access empowers consumers to
better monitor their finances, and (ii) a consumer's ability to
permit third parties to access those records enables innovation in
financial services that can make "it easier, cheaper, or more
efficient for consumers to manage their financial lives."
In the agency announcement, the CFPB said that the proposal
would solicit comment on, among other things, third party data
access and scope, credential-based access and "screen
scraping," disclosure and informed consent, privacy,
transparency and control, security and data minimization and
accuracy, disputes and accountability. Further, the CFPB said that
it would address how regulatory uncertainty stemming from the
"interaction" between provisions of the Dodd-Frank Act
and the Fair Credit Reporting Act may impact the market to the
"detriment of
