12 U.S.C. § 5533: Consumer rights to access…

Summary

Covered companies must give a consumer, on request, electronic copies of information they control about the consumer’s financial product or service. That includes account details, transactions, costs, charges, and usage data in a format the consumer can use. They do not have to share four kinds of data: confidential business secrets (like score algorithms), information gathered to prevent fraud or money laundering or to report unlawful activity, data another law requires to stay secret, or information they cannot retrieve in normal business. The rule does not force companies to keep records they do not already have. The Bureau must set common, machine‑readable formats and consult federal banking agencies and the FTC so rules are similar across firms, consider international business conditions, and do not force a specific technology.

Title 12, §5533

Banks and Banking, Source: USLM XML via OLRC

(a)In general

Subject to rules prescribed by the Bureau, a covered person shall make available to a consumer, upon request, information in the control or possession of the covered person concerning the consumer financial product or service that the consumer obtained from such covered person, including information relating to any transaction, series of transactions, or to the account including costs, charges and usage data. The information shall be made available in an electronic form usable by consumers.

(b)Exceptions

A covered person may not be required by this section to make available to the consumer—

(1)any confidential commercial information, including an algorithm used to derive credit scores or other risk scores or predictors;

(2)any information collected by the covered person for the purpose of preventing fraud or money laundering, or detecting, or making any report regarding other unlawful or potentially unlawful conduct;

(3)any information required to be kept confidential by any other provision of law; or

(4)any information that the covered person cannot retrieve in the ordinary course of its business with respect to that information.

(c)No duty to maintain records

Nothing in this section shall be construed to impose any duty on a covered person to maintain or keep any information about a consumer.

(d)Standardized formats for data

The Bureau, by rule, shall prescribe standards applicable to covered persons to promote the development and use of standardized formats for information, including through the use of machine readable files, to be made available to consumers under this section.

(e)Consultation

The Bureau shall, when prescribing any rule under this section, consult with the Federal banking agencies and the Federal Trade Commission to ensure, to the extent appropriate, that the rules—

(1)impose substantively similar requirements on covered persons;

(2)take into account conditions under which covered persons do business both in the United States and in other countries; and

(3)do not require or promote the use of any particular technology in order to develop systems for compliance.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective on the designated transfer date, see section 1037 of Pub. L. 111–203, set out as a note under section 5531 of this title.

§5533 Consumer Rights to Access Information

Summary

Title 12, §5533

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Citations & Metadata