On November 17, 2016, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) held a field hearing in Salt Lake City, Utah, and published a Request for Information (“RFI”) regarding access to consumer financial account data. Through the RFI, the CFPB is seeking information regarding consumers’ ability to access, control and share personal financial data relating to them in a usable electronic form. Such access includes access by a third party authorized by the consumer in connection with a product or service offered by the third party (i.e., “data aggregators”).

The CFPB states that it has authority to issue the RFI under Section 1033 of the Dodd-Frank Act, which requires that consumers be able to request “information in the control or possession of [a] covered person concerning the consumer financial product or service that the consumer obtained from such covered person, including information relating to any transaction, series of transactions, or to the account including costs, charges and usage data.” Section 1033 further provides that this information “shall be made available in an electronic form usable by consumers.”