WASHINGTON—Need more information on the CFPB’s Personal Financial Data Rights rule?
America’s Credit Unions has a detailed summary of the rule here.
The CFPB rule, finalized Oct. 22, places requirements on financial institutions to provide access to certain consumer data to consumers and authorized third parties. It implements Section 1033 of the Consumer Financial Protection Act.
The summary contains:
- A look at the impact on credit unions, including key points to ensure covered credit unions are in compliance
- A list of compliance dates depending on asset sizes (institutions with less than $850 million in assets are exempt)
- Background of the rulemaking and section-by-section analysis
- Links to the final rule, resources, and contacts at America’s Credit Unions and the CFPB
America’s Credit Unions’ Regulatory Comments and Final Rule Summaries webpage contains a list of Regulatory Comments (proposals America’s Credit Unions seeks feedback on) and Final Regulation Summaries.