In a move towards enhancing consumer financial data protection, the Consumer Financial Protection Bureau (CFPB) unveiled, on October 19, 2023, a proposed rule to implement Section 1033 of the Dodd-Frank Act. This information is detailed in an article published by JD Supra.
The Dodd-Frank Act’s Section 1033 requires entities that are subject to it to provide consumers with access to pertinent informaton about the financial products or services they have purchased from them. This access should be in line with the bureau’s regulatory rules.
This proposed rule marks a significant progression towards stronger consumer financial data protection and rights. It hands unprecedented levels of access and control to the consumers regarding their financial data.
Financial service providers and corporations, law firms advising them, and legal professionals serving in these industries need to deeply note the nuances of this proposed rule. This not only will help them to enhance their frameworks for consumer protection, but also ensure comprehensive compliance with the new regulations.