CFPB’s Outline of Proposals to Implement Dodd-Frank § 1033

1 December 2022
View Debevoise In Depth
Key Takeaways:
  • On October 27, 2022, the Consumer Financial Protection Bureau (“CFPB”) issued an outline of proposals and alternatives under consideration (the “Outline”) for its rulemaking to implement section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, 12 U.S.C. § 5533 (“Section 1033”), which governs consumer access to electronic and financial records.
  • Following the CFPB’s February 2020 symposium with industry stakeholders and its November 2020 Advanced Notice of Proposed Rulemaking, the Outline is the latest in the CFPB’s steps toward promulgating a rule to implement Section 1033.
  • Within the Outline, the CFPB appears to be balancing the interests of companies and consumers while posing a series of questions for public comment. In particular, some of the CFPB’s most pertinent questions focus on potential burdens imposed by the proposals, exceptions to Section 1033 and industry standards for third-party portals.