Comments Due Oct. 21 on CFPB’s Dodd-Frank Rule and Privacy Impacts
Comments are due Oct. 21 on the Consumer Financial Protection Bureau’s proposed rule related to the Dodd-Frank Act, including privacy compliance issues, the CFPB said in a notice scheduled for Thursday publication in the Federal Register.
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The CFPB is seeking to understand the “threat picture for data privacy” associated with the implementation of Section 1033 of the Dodd-Frank Act. Section 1033 directs the agency to issue rules for consumer disclosures of transaction data and other information concerning consumer financial products.
In addition to the privacy aspects, CFPB said it’s seeking clarity on: the “proper understanding of who can serve as a ‘representative’ making a request on behalf of the consumer; the optimal approach to the assessment of fees to defray the costs incurred by a ‘covered person’ in responding to a customer driven request; [and] the threat and cost-benefit pictures for data security associated with section 1033 compliance.”