Quiz for Section 1033 – Personal Financial Data Rights

1. Section 1033 requires data providers to make consumers’ data available upon request to consumers and authorized third parties.

2. What asset threshold is exempt from the requirements in subpart B and C?

2. Which of the following is not considered a ‘covered consumer financial product?

Which of the following is not considered ‘covered data’?

5. Data providers can charge reasonable fees to consumers and authorized third parties for accessing the consumer and developer interfaces.

Developer interface requirements include, but aren’t limited to, standardized format and commercially reasonable performance requirements.  

7. Data providers subject to subparts B and C and authorized third parties are not required to develop and maintain policies and procedures.

8. Once a financial institutions total assets exceed the coverage threshold, when must they begin compliance with subparts B and C?

9. Third parties must obtain a consumer’s express informed consent to access covered data on behalf of the consumer.

10. CFPB approved standard-setting bodies are responsible for setting consensus standards for Section 1033?