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B-336873 Dec 03, 2024 1 (2024-12-03)

handle is hein.gao/gaordv0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-336873 December 3, 2024 The Honorable Sherrod Brown Chairman The Honorable Tim Scott Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Patrick McHenry Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Consumer Financial Protection Bureau: Required Rulemaking on Personal Financial Data Rights Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Consumer Financial Protection Bureau (CFPB) entitled Required Rulemaking on Personal Financial Data Rights (RIN: 3170-AA78). We received the rule on October 31, 2024. It was published in the Federal Register on November 18, 2024. 89 Fed. Reg. 90838. The effective date of the rule is January 17, 2025. CFPB states that they issued the rule to carry out the personal financial data rights established by the Consumer Financial Protection Act of 2010 (CFPA), Public Law 111-203, title X, 124 Stat. 1376, 1955-2113 (July 21, 2010). CFPB states that the rule requires banks, credit unions, and other financial service providers to make consumers' data available upon request to consumers and authorized third parties in a secure and reliable manner, defines obligations for third parties accessing consumers' data, including important privacy protections, and promotes fair, open, and inclusive industry standards. Enclosed is our assessment of CFPB's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Charlie McKiver, Assistant General Counsel, at (202) 512-5992. Shirley A. Jones Managing Associate General Counsel

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