Section 1033 Personal Financial Data Rights Proposed Rule Summary
Updated 02/05/2024
This tool summarizes the CFPB’s Proposed Rule related to data privacy rights for consumers. This Proposed Rule would require financial institutions and others to maintain policies and procedures to protect consumer data and to increase transparency for consumers regarding their personal financial information. This Proposed Rule was initially included in the Dodd-Frank Act of 2010 but the CFPB had not begun rulemaking to implement this provision of law until now.
Key Takeaways – According to the CFPB, the Proposed Rule seeks to:
- Implement Section 1033 of the Dodd-Frank Act of 2010 related to consumer privacy and data transparency;
- Require depository and other entities to make available to consumers and authorized third parties certain data relating to consumers’ transactions and accounts;
- Establish obligations for third parties accessing a consumer’s data, including certain privacy protections for that data;
- Provide basic standards for data access; and
- Promote fair, open, and inclusive industry standards.
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