The comprehensive 300-page proposal, a project years in the making at the CFPB, draws its authority from Section 1033 of the 2010 Dodd-Frank Act. This section grants consumers the right to access their account-related information at financial institutions.
Interested parties have until December 29 to submit comments on the proposal. Director Chopra expressed his hope of finalizing the proposal by the following autumn, signifying the CFPB’s commitment to driving meaningful change in the financial industry.
