CONSUMER FINANCIAL PROTECTION BUREAU: Oct 31, 2023 12 CFR Parts 1001 and 1033 Proposed Rule

October 31, 2023 / Proposed Rules

On October 19, 2023, CFPB announced the release of a proposed rule requiring U.S. financial firms such as banks and credit unions that offer transaction accounts – like checking accounts, prepaid cards, credit cards, and digital wallets – to give consumers access to their personal financial data at no charge, so it can be shared with another provider.

 By activating a dormant authority under Section 1033 of the Consumer Financial Protection Act to accelerate the shift towards Open Banking, the rule is aimed at leveling the playing field, empowering smaller financial institutions to better compete and giving consumers more freedom and access to new services.

You can download the document below for convenience or from the CFPB's site here.

2023-23576

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