CFPB Reconsiders Personal Financial Data Rights Rule

Strategic Insights -

The Consumer Financial Protection Bureau (CFPB) has announced plans to reconsider the Personal Financial Data Rights Rule, which governs the collection and use of personal financial information by financial institutions. The CFPB is seeking public comment on the rule, which is currently set to expire in 2025. The notice of proposed rulemaking is part of a broader effort to review and revise regulations under the Dodd-Frank Act. Critics have argued that the rule does not provide adequate protection for consumers' financial data, while proponents have argued that it strikes a balance between consumer rights and the needs of financial institutions.

Key Takeaways:

  • The CFPB is reconsidering the Personal Financial Data Rights Rule under the Dodd-Frank Act, which aims to regulate the collection and use of personal financial information by financial institutions.
  • The CFPB is seeking public comment on four specific issues related to the rule, including whether the rule provides adequate protection of consumer privacy.
  • The comment period for the rule closed on October 21, 2025, and the CFPB will use the information gathered from comments to determine whether to formally propose a new rule.
  • Critics have argued that the rule does not provide adequate protection for consumers' financial data, while proponents have argued that it strikes a balance between consumer rights and the needs of financial institutions.
  • Preston Byrne, a managing partner at US law firm Byrne & Storm P.C., has announced plans to file a US federal lawsuit against Ofcom to protect American consumers from UK censorship.

Statistics:

  • The CFPB's notice of proposed rulemaking was issued on August 22, 2025, and the comment period closed on October 21, 2025.
  • The CFPB is seeking comments on four specific issues related to the rule, including whether the rule provides adequate protection of consumer privacy.

Sources:

  • Understanding the Personal Financial Data Rights Rule: A Guide, Consumer Financial Protection Bureau (August 2025)
  • CFPB Announces Plan to Review Personal Financial Data Rights Rule, Consumer Financial Protection Bureau (August 22, 2025)
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