AFSA on PFDR
On October 21, 2025, AFSA provided comments on the Consumer Financial Protection Bureau’s (CFPB) Personal Financial Data Rights (PFDR) Reconsideration effort. This advance notice or proposed rulemaking (ANPR) sought public feedback on various aspects of the CFPB’s PFDR rule. Section 1033 of the Dodd-Frank Act required certain financial institutions to make upon request financial transaction data available to consumers and authorized third parties, subject to rules written by the CFPB. This is intended to facilitate easier sharing of consumer data at the consumer’s request, thereby facilitating innovation in the provision of consumer financial products and services.
AFSA’s comment addressed the key questions posed in the ANPR that fall under the following topics:
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Precisely who may act on behalf of the consumer;
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How the costs of effectuating such rights may be defrayed by the ‘‘covered person’’ providing the data;
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The potential negative consequences to the consumer of exercising this right in an environment where there are tens of thousands of bad actors regularly seeking to compromise data sources and transmissions;
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The potential negative consequences to the consumer in exercising this right where the data contains information that the consumer may not want disclosed, but does not fully understand or realize that it may be disclosed by the third party through which it has made a request; and
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The potential benefits to consumers or competition of facilitating the consumer-authorized transfer of data to financial technology companies, application developers, and other third parties.
AFSA members are following this rulemaking with great interest, but as the development of PFDR rules has been subject to ongoing litigation, there continues to be uncertainty regarding how a future information-sharing regime will operate.
AFSA requests that policymakers move forward carefully to ensure that companies understand their duties and the interests of consumers and financial services providers are protected.
October 23rd, 2025
