The CFPB on Friday announced that it plans to issue an advance notice of proposed rulemaking on consumer-authorized access to financial records.
The decision comes following a symposium the agency held in February in which its approach to consumer-authorized third-party access to financial records was reviewed by consumer groups, fintechs, trade associations, financial institutions and data aggregators, according to a CFPB press release.
The agency’s approach to consumer-authorized third-party access to financial records has been largely identifying and promoting consumer interests — in access, control, security, privacy and other areas — and allowing the market to develop without direct regulatory intervention, the press release stated. The ANPR will seek information in an effort to help the CFPB understand and address competing perspectives, according to the agency.
The press release stated that the ANPR will specifically allow the agency to:
- solicit stakeholder input on ways that the CFPB might “effectively and efficiently” implement the financial access rights described in Section 1033 of the Dodd-Frank Act;
- seek information regarding the possible scope of data that might be made subject to protected access as well as information that might bear on other terms of access, such as those relating to security, privacy, effective consumer control over access and accessed data, and accountability for data errors and unauthorized access; and
- inquire into whether issues of regulatory uncertainty with respect to Section 1033 and its interaction with other statutes within the agency’s jurisdiction may impact this market to the potential detriment of consumers, and seek information that may help resolve such uncertainty.