WASHINGTON–The Consumer Financial Protection Bureau has published a list of “fast facts” it said is aimed at giving consumers control over their financial data as well as new protections against companies misusing their data.
The agency has made a priority of consumer control of their data and is working to make open banking a reality in the U.S.
The new CFPB facts sheet is in response to the proposed “Personal Financial Data Rights” rule the Bureau issued in mid-October.
The proposal implements section 1033 of the Consumer Financial Protection Act of 2010 and would “challenge the financial services industry to compete for customers, protect consumers from excessive surveillance, and help people walk away from bad service,” according to the CFPB.
Six Months Until First Compliance Date
“The earliest of the four compliance dates would be approximately six months after publication of a final rule in the Federal Register, and the last of the four compliance dates would be four years after publication of a final rule in the Federal Register,” according to the CFPB.
Under the CFPB proposal, the institutions that would initially be covered are large institutions and nondepository entities. Smaller entities would have to comply by a later date.
Other Issues Addressed
The fact sheet also addresses:
- Proposed institutional coverage
- Other affected parties under the proposed rule
- Proposed covered products, services, and data
- Key requirements proposed for covered data providers
- Key proposed standard-setting provisions
- Key provisions proposed for authorized third parties and data aggregators
The fact sheet can be found here.
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