The CFPB intends to issue a proposed rulemaking this year on "consumer-authorized access to financial records."
According to the CFPB, (i) such access empowers consumers to better monitor their finances, and (ii) a consumer's ability to permit third parties to access those records enables innovation in financial services that can make "it easier, cheaper, or more efficient for consumers to manage their financial lives."
In the agency announcement, the CFPB said that the proposal would solicit comment on, among other things, third party data access and scope, credential-based access and "screen scraping," disclosure and informed consent, privacy, transparency and control, security and data minimization and accuracy, disputes and accountability. Further, the CFPB said that it would address how regulatory uncertainty stemming from the "interaction" between provisions of the Dodd-Frank Act and the Fair Credit Reporting Act may impact the market to the "detriment of consumers."
A report on a CFPB symposium on the issues can be found here.
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