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On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued the final Personal Financial Data Rights Rule (the final rule) to implement section 1033 of the Consumer Financial Protection Act of 2010 (Title X of the Dodd-Frank Act). Among other things, the final rule requires data providers to make available to consumers and authorized third parties, upon request, transaction data and other information concerning a consumer financial product or service.
Securiti enables organizations to comply with the final rule through AI-driven DSR automation, documented accountability, enhanced visibility into data processing activities, and AI-driven process automation.
The final rule applies to data providers that control or process covered data concerning a covered consumer financial product or service. However, the data providers that are depository institutions and whose total assets are at or below the specified Small Business Administration (SBA) size standard are exempt from the requirements of the final rule.
In addition, authorized third parties accessing covered data on behalf of consumers are also subject to specific obligations under the final rule.
Major obligations of the covered entities under the final rule include the following:
(a) Establishing and maintaining interfaces to receive and respond to data access requests from consumers and authorized third parties;
(b) Ensuring transparency, including the provision of identifying information, developer interface documentation, contact information, and information about the right to revoke authorization and the revocation mechanism;
(c) Providing the consumers with authorization disclosures and obtaining express informed consent for accessing the consumer’s covered data;
(d) Complying with the principles of Collection Limitation, Purpose Specification, and Storage Limitation;
(e) Ensuring data accuracy and data security; and
(f) Maintaining compliance records and managing vendor compliance.
Utilize Securiti's collaborative readiness assessment template to assess your organization's compliance with the requirements of the final rule, assess compliance gaps, and mitigate risks. Seamlessly expand assessment capabilities across your vendor ecosystem to maintain compliance against the final rule.
Automated compliance with the proposed rule using Securiti’s common controls and tests.
Sections: 1033.341, 1033.421
Securiti's Privacy Notice Creation and Management module can be utilized to fulfill the transparency requirements under the final rule i.e., making available identifying information, developer interface documentation, etc.
Sections: 1033.401, 1033.411
Securiti's Universal Consent Management module can be utilized to provide the consumer with authorization disclosures and obtain express informed consent to access and process their data. Covered entities can also track consent to prevent the collection or processing of covered data without authorization.
Sections: 1033.201, 1033.301, 1033.311, 1033.321, 1033.331
Securiti's Data Subject Rights Fulfillment module can be utilized to create customized web forms and accept verified information requests in compliance with the final rule.
Sections: 1033.131, 1033.301, 1033.311
Securiti’s Data Security Posture management module can be leveraged to identify the necessary security controls and implement appropriate security measures in compliance with the final rule.
Sections: 1033.351, 1033.441
Securiti’s Data Mapping module can be utilized to catalog the data, document business process flows, and maintain records of consumer data processing activities.
Sections: 1033.431
Securiti’s Vendor Risk Management module can be leveraged to track, monitor, and manage the privacy and security readiness of third parties and data aggregators in compliance with the final rule. It also allows organizations to manage all vendor contracts and compliance documents.
At Securiti, our mission is to enable organizations to safely harness the incredible power of Data & AI.
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