Entities Subject To The CFPB's Personal Data Financial Rights Proposed Rule, Part 2

As we reported last week, the Consumer Financial Protection Bureau ("CFPB") released a proposed rule addressing "personal data financial rights." Comments are due on December 29, 2023. Please review last week's post for a general overview of the proposed rule. This week's installment discusses the entities that would be required to comply with the provisions of the rule, should it be adopted as proposed.

The proposed rule focuses on ensuring that open banking is prioritized initially with respect to electronic payments. The scope of consumer financial products and services governed by the proposed rule includes "Regulation E accounts" (i.e., demand deposit (checking) accounts, savings accounts and prepaid cards accounts), "Regulation Z credit cards" (i.e., credit cards, charge cards and hybrid prepaid cards), as well as any service that allows for the facilitation of payments using Regulation E accounts or Regulation Z credit cards. Accordingly, the entities