CFPB Asks: How to Share Your Financial Data Safely?
Published Date: 8/22/2025
Proposed Rule
Summary
The CFPB wants your thoughts on how to make it easier and safer for people to get their personal financial data. They’re looking at who can ask for your info, how much it should cost, and how to keep your data safe and private. This could change how companies handle your info and might affect fees and security rules soon.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 1 costs, 2 mixed.
Who Can Request Your Data
The CFPB is asking for input on who may act as a "representative" and request your personal financial data on your behalf. This could change which people or services can legally obtain your account or transaction information for you.
Potential Fees to Get Your Data
The CFPB is considering how much companies may charge to respond when you ask for your personal financial data. If adopted, this could affect whether you pay a fee to obtain copies of your own financial records from banks or other covered companies.
Business Cost Recovery Rules
The CFPB is evaluating how fees might be set to let covered companies defray the costs of responding to consumer-driven data requests. That could let businesses recover some compliance costs when they provide consumer financial data.
Data Security and Privacy Review
The CFPB is seeking comment on the security threats and privacy risks tied to implementing data access under section 1033 and on the cost-benefit tradeoffs for protecting that data. This review could lead to new security or privacy rules that affect how companies must protect consumers' financial information.
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Key Dates
Department and Agencies
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