The CFPB has taken a significant step towards issuing regulations to implement Section 1033 of the Dodd-Frank Act by releasing an outline of the proposals it is considering in preparation for convening a small business review panel (Panel). Section 1033 authorizes the CFPB to issue rules requiring “a covered person [to] make available to a
1033
CFPB orders six large technology platforms offering payment services to provide information
By Ballard CFS Group on
CFPB Director Rohit Chopra has wasted no time in acting on comments he made at his confirmation hearing regarding the risks posed by the collection of data by large platforms. In just his first full week as CFPB Director, the CFPB sent orders to six technology platforms offering payment services directing them to provide information…
This week’s podcast: A look at the CFPB’s Section 1033 rulemaking to provide consumer access to financial information
By Barbara S. Mishkin on
Posted in CFPB, Regulatory and Enforcement
Our discussion looks at the CFPB’s rulemaking activities before issuing its Advance Notice of Proposed Rulemaking (ANPR), the ANPR’s focus points, and differences from the California Consumer Privacy Act. Other topics include the role of data aggregators and how banks are responding to them, technical and other issues arising from third party access to consumer…
CFPB issues Section 1033 ANPR
By John L. Culhane, Jr. on
Posted in CFPB, Regulatory and Enforcement
The CFPB has issued an Advance Notice of Proposed Rulemaking in connection with its rulemaking to implement Section 1033 of the Dodd-Frank Act. Section 1033 requires consumer financial services providers to give consumers access to certain financial information. Comments on the ANPR will be due no later than 90 days after the date the ANPR…
CFPB to issue ANPR on consumer-authorized access to financial records; releases report on Feb. 2020 symposium
By Alan S. Kaplinsky on
Posted in CFPB, Regulatory and Enforcement
The CFPB has announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records. The announcement was made concurrently with the Bureau’s release of a report summarizing its February 2020 symposium on this topic.
Section 1033 of the Dodd-Frank Act requires that “[s]ubject to…
CFPB to hold Feb. 26 symposium on consumer access to financial records and Dodd-Frank Section 1033
By Barbara S. Mishkin on
Posted in CFPB, Regulatory and Enforcement
The CFPB announced that it will hold a symposium on consumer access to financial records and Section 1033 of the Dodd-Frank Act on February 26, 2020. The event will be webcast on the Bureau’s website.
In November 2016, the CFPB issued a request for information (RFI) about market practices related to consumer access to financial…