The agency said in an advance notice of proposed rulemaking (ANPR) filed Thursday (Aug. 21) that it is looking for comments and data related to four issues.
“These issues are: the proper understanding of who can serve as a ‘representative’ making a request on behalf of the consumer; the optimal approach to the assessment of fees to defray the costs incurred by a ‘covered person’ in responding to a customer driven request; the threat and cost-benefit pictures for data security associated with section 1033 compliance; and the threat picture for data privacy associated with section 1033 compliance,” the CFPB said in the ANPR.
Comments will be accepted for 60 days after the publication of the ANPR in the Federal Register. The publication date is set to be Friday (Aug. 22), per the ANPR.
The CFPB told a judge July 29 that it would engage in an “accelerated rulemaking process” to revise the open banking rule implemented last year by the bureau’s previous leadership under the President Joe Biden administration.
The agency said this while asking the judge to stay a lawsuit challenging the open banking rule. It said the CFPB’s revision of the rule may eliminate the need for the court to consider the current rule.
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The CFPB under its previous leadership announced the final version of its rule on personal financial data rights on Oct. 22, saying it aimed to give consumers greater control over their financial data and the ability to share it securely with third-party service providers.
The rule requires banks, credit unions and other financial institutions to make consumers’ financial data available upon request to consumers and authorized third parties. It also establishes strict guidelines for third parties seeking to access that data.
On the day the final rule was announced, the Bank Policy Institute and the Kentucky Bankers Association filed a lawsuit asserting that the rule jeopardizes the security and privacy of consumer financial data.
It was reported July 11 that JPMorgan told FinTechs it will begin charging for access to customer bank info.
On Aug. 14, more than 80 leaders of FinTech companies, crypto companies and other firms involved with open banking signed a public letter asking President Donald Trump to prevent banks from charging “account access” fees when consumers connect their accounts to financial products.
