The Matrix

Last week, the Consumer Financial Protection Bureau (“CFPB”) took a significant step forward in enhancing consumer control over private financial data when it launched a rulemaking process under Section 1033 of the Dodd–Frank Wall Street Reform and Consumer Protection Act (“Section 1033”). Section 1033 requires the CFPB to implement a rule to allow consumers to access their financial information. Currently, there is no duty under Section 1033 to maintain or keep any information about a consumer. The CFPB has yet to adopt a rule relating to data access, despite its authority to do so.