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Steve Merriman helps business and technical innovators identify growth opportunities, safeguard their value and reputation, and negotiate the complexities of financial services laws and regulations.

The Consumer Financial Protection Bureau (CFPB) announced that it was issuing a Notice of Proposed Rulemaking regarding Personal Financial Data Rights on October 19, 2023. The proposed rule (Proposed Rule) would implement section 1033 of the Consumer Financial Protection Act of 2010 (CFPA), which gives consumers the right to access their financial data and authorizes third parties to access it on their behalf. Data providers would be required to provide consumers and authorized third parties, upon the consumer’s request, covered data in an electronic and standardized form consistent with industry standards developed by standard-setting bodies recognized by the CFPB. Additionally, the rule would limit authorized third parties’ collection, use, and retention of covered data. Continue Reading CFPB Issues Proposed Open Banking Rule