Navigating the CFPB’s Personal Financial Data Rights Rule under the Dodd-Frank Act

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).

The final rule provides obligations for data providers and third parties, requiring the former to make the consumers’ transaction data available to them and to authorized third parties upon request. The final rule further governs data accessibility while outlining a series of other necessary obligations, such as data accuracy, transparency, and security.

This comprehensive whitepaper discusses the final rule's scope, the key terms it defines, and the compliance requirements for data providers and third parties.