CFPB Issues ANPR Regarding Consumer Access to Financial Records

The CFPB recently issued an Advanced Notice of Proposed Rulemaking (ANPR) requesting information regarding proposed regulations to support the implementation of Section 1033 of the Dodd-Frank Act concerning the provision of consumer access to financial records.

Comprised of five subsections, Section 1033 requires that the Bureau implement rules and regulations making it easier for consumers to access their financial records from providers such as loan servicers, credit card servicers, mortgage lenders and brokers.  In order to implement Section 1033, the Bureau is seeking public comments to assist in developing effective regulations to assist in streamlining consumer access to their information.

Specifically, the Bureau’s ANPR focuses on the benefits and risks consumers face when authorizing third-party access to financial information.  The Bureau is seeking comments from all interested parties regarding this increasingly popular means by which consumers are granting access to and retrieving their own information.  The Bureau is interested in receiving comments in areas including, but not limited to, (i) the cost and benefit of accessing consumer data; (ii) concerns regarding consumer privacy and control over access to their information; and (iii) the accuracy of consumer data retrieved through third-party sources.

The Bureau has also expressed concern regarding how implementing Section 1033 may implicate or effect other statutes administered by the CFPB, including FCRA, and welcomes comments regarding the potential interaction of Section 1033 with other statutes.

Comments may be submitted via email to 2020-ANPR-1033@cfpb.gov up to 90 days after the ANPR’s publication in the Federal Register.