Description
* Please note that the recording links will be delivered to you via a downloadable document in your confirmation e-mail. The materials that corresponds with the recording will be automatically delivered upon purchasing via email from the website.
On Oct. 19, 2023, the CFPB released a proposed rule that would require covered financial institutions to provide consumers and authorized third parties with access and portability options for their financial data. The CFPB’s proposed rule, called the “Personal Financial Data Rights” rule, would implement Section 1033 of Title X of the Dodd-Frank Act, a to-date dormant provision of law enacted by Congress more than a decade ago.
We delve into Section 1033’s proposed rule and build a plan to mitigate the impact of this regulatory change on your institution.
BACKGROUND
Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires a consumer financial services provider to make available to a consumer information in the control or possession of the provider concerning the consumer financial product or service that the consumer obtained from the provider.
This topic is much deeper than it might first appear. The information is not only made available to the consumer, but also to third parties, at the direction and with the approval of the consumer. That access raises numerous questions regarding data integrity and security and consumer privacy.
Comments on this proposed regulation are due by December 29, 2023. Join us to get a better understanding of proposed rule, its potential impact on covered entities’ collection and use of financial data, and consumer protection obligations.
RECORDING CONTENT
Upon completion of the program, participants will understand:
- The basic requirements of Section 1033
- How the proposed rule differs from what is currently in place.
- Who is a covered data provider and what products are covered.
- The requirements regarding availability of information for both direct consumers and third parties.
- The authorization disclosure requirements and accuracy requirements associated with Section 1033
- Security issues, access, and limitations related to third parties.
- Common issues related to conflicting state laws.
- The initial steps to build a compliance management system around the new requirements.
WHO?
The program is designed for senior management, compliance officers, operations management, information techs, auditing, and others involved in implementing the requirements of Section 1033.
