AFSA Seeks Deliberate Rulemaking by CFPB
Last week, AFSA joined many other trade associations representing a vast array of financial institutions, in a letter to the Consumer Financial Protection Bureau (CFPB) requesting an extension of its comment period on the Dodd-Frank Act Sec. 1033 proposed rulemaking, dubbed the Personal Financial Data Rights rule. The CFPB has traditionally provided a 90-day comment period for proposed rules that would have a significant impact, but in this case gave only about two months, which includes two holidays. Additional time is needed for stakeholders to fully consider and respond to the myriad issues presented in the proposed rule. The letter contrasted the CFPB’s previously deliberate approach to this rulemaking with the current shortened comment period.
While the Bureau has granted comment period extension requests in the past, whether they will do so now is unclear. The CFPB would like to finalize the rule within a year.
November 2nd, 2023
