WASHINGTON—The Consumer Financial Protection Bureau has issued an advance notice of proposed rulemaking (ANPR) requesting information related to consumer access to financial records.
In issuing the ANPR, the Bureau said it is asking the public how it might most efficiently and effectively develop regulations to implement Section 1033 of the Dodd-Frank Act, which provides for consumer rights to access financial records.
“While consumer access to financial records can enable the development of innovative and beneficial consumer financial products, it can also present consumer risks. The Bureau’s ANPR seeks comments and information on costs and benefits of consumer data access; competitive incentives; standard-setting; access scope; consumer control and privacy; and data security and accuracy,” the agency said.
The Bureau added that is committed to ensuring transparent and deliberate rulemaking processes. Comments are due within 90 days after the ANPR’s publication in the Federal Register.
The ANPR can be found here.