Fifteen trade groups have joined in a letter to the CFPB requesting an extension of the comment period on the CFPB’s proposed rulemaking on personal financial data rights. The proposal implements Section 1033 of the Dodd-Frank Act which authorizes the CFPB to issue rules requiring “a covered person [to] make available to a consumer, upon request, information in the control or possession of such person concerning the consumer financial product or service that the consumer obtained from such covered person, including information related to any transaction, or series of transactions, to the account including costs, charges, and usage data.” The proposal was published in the Federal Register on October 31, 2023 and the 60-day comment period ends on December 29, 2023. The trade groups ask the CFPB to extend the comment period by an additional 30 days.
On December 18, 2003, from 1:00 p.m. to 2:00 p.m. ET, Ballard Spahr will hold a webinar, “Navigating the Future: Understanding the CFPB’s Proposed Personal Financial Data Rule.” To register, click here.
The reasons given by the trade groups for the extension include the following:
- The CFPB has previously provided a 90-day comment period for other steps in the 1033 rulemaking process such as the Advance Notice of Proposed Rulemaking and the SBREFA Outline.
- The complexity of the issues involved in the rulemaking merit additional time for the proposal to be considered by affected entities, particularly where the comment period and deadline fall during the November and December holidays.
- Small business entities who could be disadvantaged by the requirements adopted by the CFPB need additional time to comment due to their limited resources and competing commitments.
- Additional time is needed to allow industry to understand how the 1033 rulemaking may intersect with the CFPB’s forthcoming consumer reporting rulemaking in which the CFPB is considering a revised definition of consumer reporting agency that may encompass what would be considered data providers, data recipients, and data aggregators under the Section 1033 rule. In particular, industry needs further time to consider how the consumer reporting rulemaking will impact the rights and obligations of entities like data aggregators.