Consumer Access to Financial Records
Summary
SIFMA provided comments to the U.S. Bureau of Consumer Financial Protection (CFPB) regarding Docket No. CFPB-2020-0034; RIN 3170-AA78; Bureau of Consumer Financial Protection Advance Notice of Proposed Rulemaking on Consumer Access to Financial Records.
SIFMA supports a consumer’s right to access financial information in a safe and secure format and in a way that is designed to ensure responsibility and accountability for data aggregators and other parties that access such data.
See also: Joint Trades Comment Letter to the CFPB
Excerpt
February 4, 2021
Via E-Mail to [email protected]
U.S. Bureau of Consumer Financial Protection
1700 G Street, NW
Washington, DC 20552
Attn: Monica Jackson, Office of the Executive Secretary
Re: Docket No. CFPB-2020-0034; RIN 3170-AA78
Bureau of Consumer Financial Protection Advance Notice of Proposed Rulemaking on Consumer Access to Financial Records
Dear Ms. Jackson,
The Securities Industry and Financial Markets Association (“SIFMA”)1 appreciates the opportunity to submit this comment letter on the above-referenced advance notice of proposed rulemaking (“ANPR”) issued by the Consumer Financial Protection Bureau (“CFPB”).2
The ANPR invites comment and information to assist the CFPB in developing regulations to implement section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). In relevant part, section 1033 establishes, subject to rules to be prescribed by the CFPB, a consumer’s right to access information in the control or possession of a “covered person,”3 “including information relating to any transaction, series of transactions, or to the account including costs, charges and usage data” and further provides that this information “shall be made available in an electronic form usable by consumers.”4
1 SIFMA is the leading trade association for broker-dealers, investment banks, and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate on legislation, regulation, and business policy affecting retail and institutional investors, equity and fixed income markets, and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (“GFMA”). For more information, visit http://www.sifma.org.
2 85 Fed. Reg. 71003 (Nov. 6, 2020).
3 A “covered person” is defined in section 1002(6) of the Dodd-Frank Act, in part, as entities engaged in offering or providing consumer financial products or services. 12 USC § 5481(6).