Epic Praises Cfpb S Personal Financial Data Rights Rule Suggests In comments to the consumer financial protection bureau, epic expressed support for the cfpb’s proposed personal financial data rights rule and recommended ways to strengthen the rule’s privacy and data security requirements. the proposed rule would ensure that consumers can more readily access their data held by financial institutions. Epic joined public citizen and a coalition of civil society organizations this week in expressing support for the goals of the cfpb’s proposed personal financial data rights rule. the rulemaking aims to enhance consumer privacy and data security and promote competition in the financial services industry.
Cfpb Finalizes Strong Personal Financial Data Rights Rule With Data In june, the cfpb finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the cfpb’s personal financial data rights rule. read the regulatory text of the final personal financial data rights rule. On october 19, 2023, the consumer financial protection bureau (cfpb) issued a notice of proposed rulemaking regarding personal financial data rights to implement section 1033 of the consumer financial protection act (i.e., the dodd frank act). on june 5, 2024, the cfpb finalized the provisions of the proposed rule regarding the attributes a. Personal information and for what purposes they may use it, and prohibit third parties from collecting, using, or retaining personal information beyond what is reasonably necessary to provide the product or service requested by the consumer.4 epic supports the cfpb’s efforts to safeguard consumer data rights in the financial services industry. The final rule mandates that certain financial institutions, principally banks, make the covered data available to consumers and authorized third parties in a standardized electronic format. the cfpb finalized a portion of its rule implementing section 1033 related to qualifications for standard setting organizations in june.
Understanding The Cfpb S Personal Financial Data Rights Proposed Rule Personal information and for what purposes they may use it, and prohibit third parties from collecting, using, or retaining personal information beyond what is reasonably necessary to provide the product or service requested by the consumer.4 epic supports the cfpb’s efforts to safeguard consumer data rights in the financial services industry. The final rule mandates that certain financial institutions, principally banks, make the covered data available to consumers and authorized third parties in a standardized electronic format. the cfpb finalized a portion of its rule implementing section 1033 related to qualifications for standard setting organizations in june. Cooley alert. on october 22, 2024, the consumer financial protection bureau (cfpb) released its long awaited final rule implementing section 1033 of the consumer financial protection act (cfpa) concerning personal financial data rights. the final rule largely tracks the cfpb’s october 2023 proposal, although the cfpb did make material changes. “we urge the cfpb to extend the important right in the personal financial data rights rule and its strong protections to low income americans who rely on their ebt accounts for their critical financial transactions.” related resources. comments to the cfpb’s proposed section 1033 rule, personal financial data rights, dec. 28, 2023.
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