Analyzing The CFPB's Personal Data Financial Rights Rule: What You Need To Know

The Consumer Financial Protection Bureau (CFPB) published a proposed Personal Financial Data Rights rule (the "Rule") last week. Once finalized, the Rule will implement requirements relating to consumer rights set forth in the Dodd-Frank Act. More specifically, the Rule will provide consumers with broad rights to access and control the disclosure of their personal information held by financial institutions that provide checking, savings, or other prepaid accounts to consumers for individual or household purposes, as well as credit card and digital wallet providers ("financial institutions"). The Rule will represent an increase in such institutions' obligations regarding data access and portability, as these institutions have had limited obligations under the various state-level privacy laws enacted over the past few years due to exemptions for data or entities subject to the Gramm-Leach-Bliley Act (GLBA), which has traditionally governed financial institutions'