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.
- On October 22, 2020, the Consumer Financial Protection Bureau (CFPB) issued an Advanced Notice of Proposed Rulemaking to solicit comments and information to assist the agency in developing regulations to implement section 1033.
- On October 27, 2022, the CFPB published an Outline of Proposals and Alternatives in preparation for a Small Business Advisory Review Panel; which is required by the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA). The SBREFA panel is expected to convene in early 2023.
- The CFPB plans to issue a proposed rule in 2023 to be finalized in 2024.