On Nov. 1, 2023, the Consumer Financial Protection Bureau (CFPB) issued a high-level overview of the topics covered in its proposed Personal Financial Data Rights rule: Fast Facts: Personal Financial Data Rights Proposed Rule. 

As we noted in our Oct. 20, 2023 Alert, “CFPB Issues Proposed ‘Personal Financial Data Rights’ Rule,” the CFPB’s proposed rule, if finalized in its present form, would implement Section 1033 of the Dodd-Frank Act by requiring covered financial institutions to provide consumers and authorized third parties with access and portability options for their financial data. It would thus accelerate a shift to open banking and increase competition among certain types of financial services providers, but also create new and potentially burdensome regulatory regime.

Although some trade associations have already requested an extension, the current deadline to submit comments on the CFPB’s proposed rule is Dec. 29, 2023.

Tessa Cierny and Zeba Pirani contributed to this article.