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CFPB Proposes Data-Sharing Rules

CFPB Proposes Data-Sharing Rules

Posted: Nov 09 2022
The CFPB has outlined proposals to implement Section 1033 of the Dodd-Frank Act, which require businesses to make a consumer’s financial information available to them or a third party at the consumer's direction.  The Bureau is considering proposals that would allow consumers who want to switch providers to transfer their account history to a new company, so they do not have to start over if they are unsatisfied with the service provided by an incumbent firm.

There are also proposals under consideration that include options around privacy for personal financial data authorized for third-party use, including limitations that would prevent third parties from reselling authorized data for other uses.  The CFPB is required by law to convene a small business review panel to consult with representatives of small entities likely to be affected by the regulations the agency is considering.  The panel will prepare a report on the input received from the small entities, which the CFPB will consider as it develops a proposed rule.  Comments must be submitted by January 25, 2023.

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