CFPB Releases Advance Notice of Proposed Rulemaking on Consumer Access to Financial Records

On October 22, the CFPB issued an advance notice of proposed rulemaking (ANPR), requesting comments on how the CFPB should develop regulations to facilitate consumers’ rights under Section 1033 of the Dodd-Frank Act to access financial records and data accumulated by providers of financial products and services. The CFPB also seeks comment on the costs and benefits of consumer data access, competitive incentives, standard-setting, access scope, consumer control and privacy, and data security and accuracy. Comments are due within 90 days after the ANPR’s publication in the Federal Register.