CFPB issues long-awaited open banking proposal
The Consumer Financial Protection Bureau (CFPB) proposed its long-awaited rule to implement Dodd-Frank Section 1033’s requirements regarding consumer rights to access financial information. The rule would require that certain financial institutions make available certain consumer data and would subject certain third parties to data requirements related to secondary use and privacy. This deck analyzes the proposal and its potential effects on industry participants and practices.
Law clerk Paul Drexler contributed to this update.