Proposed rule

Required Rulemaking on Personal Financial Data Rights

The Consumer Financial Protection Bureau (CFPB) is proposing to establish 12 CFR part 1033, to implement section 1033 of the Consumer Financial Protection Act of 2010 (CFPA). The proposed rule would require depository and nondepository entities to make available to consumers and authorized third parties certain data relating to consumers’ transactions and accounts; establish obligations for third parties accessing a consumer’s data, including important privacy protections for that data; provide basic standards for data access; and promote fair, open, and inclusive industry standards.

On June 5, 2024, the CFPB issued a final rule regarding the attributes a standard-setting body must demonstrate in order to be recognized by the CFPB for purposes of the personal financial data rights rule. The CFPB also published a step-by-step guide for how to apply to be a recognized standard-setting body. The CFPB plans to finalize the remainder of the proposed rule regarding personal financial data rights this fall.