Small Business Review Panel for Personal Financial Data Rights Rulemaking
In the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress directed the Consumer Financial Protection Bureau (CFPB) to adopt regulations governing consumers’ rights to access certain financial information. Section 1033 generally requires a covered person to make available to a consumer, upon request, information in the control or possession of the covered person concerning the consumer financial product or service that the consumer obtained from such covered person. The information must be made available in an electronic form usable by consumers.
The CFPB is now in the process of writing regulations to implement section 1033. Under the process established by Congress in the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA), the CFPB is required to obtain feedback on the potential impacts of the proposals the CFPB is considering from representatives of small entities likely to be directly affected. For additional materials, see our webpage compiling all materials regarding the section 1033 rulemaking.
Outline of Proposals and Alternatives Under Consideration for the Personal Financial Data Rights Rulemaking (Oct. 27, 2022)
High-Level Summary and Discussion Guide of Outline of Proposals and Alternatives Under Consideration for SBREFA: Required Rulemaking on Personal Financial Data Rights (Oct. 27, 2022)
Final Report of the Small Business Review Panel on the CFPB’s Proposals and Alternatives Under Consideration for the Required Rulemaking on Personal Financial Data Rights (Mar. 30, 2023)