Required Rulemaking on Personal Financial Data Rights
New collection (Request for a new OMB Control Number)
No
Regular
11/07/2023
Requested
Previously Approved
36 Months From Approved
59,524
0
12,363,720
0
133,959,000
0
The Consumer Financial Protection Bureau (CFPB) is proposing a rule to implement personal financial data rights under the Consumer Financial Protection Act of 2010 (CFPA). The proposed rule would require depository and non-depository entities to make available to consumers and authorized third parties certain data relating to consumers' transactions and accounts; establish obligations for third parties accessing a consumer's data, including important privacy protections for that data; provide basic standards for data access; and promote fair, open, and inclusive industry standards.
There are neither program changes nor adjustments to an existing information collection.
This is a new information collection. The proposed rule is a new regulation and has both one-time and ongoing burden hours and costs. Regarding the requested annual burden (accounting for both one-time and ongoing costs) approximately 84% of the total is comprised of the one-time (implementation) burden hours with the remaining 16% being comprised of the ongoing burden hours.
$0
No
No
No
No
Yes
No
No
Michael Scherzer 202 435-7700
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
PL 111-203 (Dodd-Frank).pdf
3170-XXXX Supporting Statement (1033 NPRM).docx
1033.341/1033.201/1033.301/1033.311 (ongoing)