CFPB investigating consumer access to financial records

The Consumer Financial Protection Bureau has posted a notice this morning that it is seeking comments from the public about consumer access to their financial account and account-related data, including access by entities acting with consumer permission, in connection with the provision of products or services that make use of that information. Submissions to the Request for Information will assist market participants and policymakers to develop practices and procedures that enable consumers to realize the benefits associated with safe access to their financial records, assess necessary consumer protections and safeguards, and spur innovation. The agency also posted a related article on the Bureau Blog. Responses to the Request for Information will be accepted for 90 days following publication in the Federal Register.

UPDATE: The Bureau's Request for Information was published in the Federal Register at 81 FR 83806 on November 22, 2016. Comments are due by February 21, 2017.