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Consumer Financial Protection Bureau: Required Rulemaking on Personal Financial Data Rights

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Highlights

GAO reviewed the Consumer Financial Protection Bureau's (CFPB) new rule entitled "Required Rulemaking on Personal Financial Data Rights." GAO found that the final rule requires banks, credit unions, and other financial service providers to make consumers' data available upon request to consumers and authorized third parties in a secure and reliable manner, defines obligations for third parties accessing consumers' data, including important privacy protections, and promotes fair, open, and inclusive industry standards.

Enclosed is our assessment of CFPB's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Charlie McKiver, Assistant General Counsel, at (202) 512-5992.

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Shirley A. Jones
Managing Associate General Counsel
Office of the General Counsel

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Sarah Kaczmarek
Managing Director
Office of Public Affairs

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