CBA Statement On CFPB’s Section 1033 Rulemaking Outline
Consumer Bankers Association (CBA) President & CEO Lindsey Johnson today issued the following statement after the Consumer Financial Protection Bureau (CFPB) released an outline of proposals and alternatives under consideration for the Bureau’s data rights rulemaking to implement section 1033 of the Dodd-Frank Act:
“CBA long has supported expanding consumers’ access and control of their personal financial data. We look forward to continuing to work with the Bureau on developing a well-founded, durable final rule that promotes competition, spurs innovation, and provides consumers’ the certainty of knowing their financial data is safe and secure.”
CBA Advocacy
CBA previously submitted a letter in response to the CFPB’s request for comment in February 2021, advocating that the CFPB should approach Section 1033 cautiously to develop clear, transparent standards for both consumers and banks. CBA specifically proposed three recommendations:
- Regulate All Participants in the Data Access Ecosystem
- Prioritize Consumer Control of their Data Security and Privacy
- Provide Consistent and Standard Data Security and Data Minimization Throughout the Entire Ecosystem.”
CBA and several other financial trade groups also submitted a petition to the CFPB in August 2022, asserting that, “CFPB should ensure that data aggregators and data users that are larger participants in the aggregation services market – not just banks and credit unions – are examined for compliance with applicable federal consumer financial law, especially the requirements of the forthcoming 1033 rulemaking, including the substantive prohibitions on the release of confidential commercial information.”
Looking Ahead
Comments on the SBREFA Outline are due January 25, 2023. The notice of proposed rulemaking on personal financial data rights will likely be released mid-2023, with the final rule expected to be issued in 2024.
