Small Business Advisory Review Panel for Required Rulemaking on Personal Financial Data Rights
Summary
SIFMA provided comments to the U.S. Bureau of Consumer Financial Protection (CFPB) on the Small Business Advisory Review Panel for Required Rulemaking on Personal Financial Data Rights – Outline of Proposals and Alternatives Under Consideration issued by the Consumer Financial Protection Bureau. The outline invites feedback on the proposals under consideration that would implement section 1033 (Section 1033) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act).
Excerpt
January 23, 2023
VIA E-Mail to [email protected]
U.S. Bureau of Consumer Financial Protection
1700 G Street, NW
Washington, DC 20552
Re: Small Business Advisory Review Panel for Required Rulemaking on Personal Financial Data Rights – Outline of Proposals and Alternatives Under Consideration
Dear Small Business Advisory Review Panel,
The Securities Industry and Financial Markets Association (“SIFMA”)1 appreciates the opportunity to provide feedback on the above-referenced outline issued by the Consumer Financial Protection Bureau (“CFPB”). The outline invites feedback on the proposals under consideration that would implement section 1033 (“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,”2 including information related to any transaction, series of transactions, or their account including costs, charges and usage data and further provides that this information “shall be made available in an electronic form usable by consumers.”3
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. SIFMA would like thank Courtney Dankworth, Jehan Patterson, and Catherine Morrison of Debevoise for their work on this letter.
2 The term “covered person” is defined in section 1002(6) of the Dodd-Frank Act as “(A) any person that engages in offering or providing a consumer financial product or service; and (B) any affiliate of a person described in subparagraph (A) if such affiliate acts as a service provider to such person.” 12 USC § 5481(6).