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1 1 (December 19, 2023)

handle is hein.crs/goventg0001 and id is 1 raw text is: \Congressional ____ 'aResearch Service CFPB Proposes New Regulation on Consumer Data Rights December 19, 2023 On October 31, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a new regulation, referred to as the Personal Financial Data Rights rule, to implement Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203). The law provides consumers with a right of access to their financial information, and the proposal would clarify the standards to support this data right. The proposed standards include online data interface requirements, the types of financial data covered, obligations for third-party financial institutions accessing consumer data, and data privacy and security. The goal of the CFPB's proposal is to give consumers control of their bank account and credit card information and make data sharing safe, secure, and reliable. The CFPB director argues that if consumers can more easily share their financial information in electronic formats, they will find it easier to switch financial institutions, access credit, and use innovative new financial products and services, increasing competition in consumer financial services. For example, the proposal could allow a consumer to more easily share (1) bill pay information with another financial institution to switch to another bank, (2) bank account transaction information with a lender to qualify for a loan, or (3) credit card transaction information with a financial technology provider that analyzes spending behavior to help spend less. Data Sharing Background Financial technology has resulted in greater usage of digitized consumer financial data. For example, most consumers currently access bank account information digitally through either mobile or online banking. The CFPB finds that consumer data sharing has been growing in recent years and estimates that at least 100 million consumers have authorized third-party financial institutions, such as a data aggregator or data intermediary, to access their account data. Third-party financial service applications include personal financial management tools, payment tools, digital wallets, credit underwriting, and identity verification tools. Congressional Research Service https://crsreports.congress.gov IN12291 CRS INSIGHT Prepared for Members and Committees of Congress

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