A call to action for fintech

The Consumer Financial Protection Bureau (CFPB) has released an Advanced Notice of Proposed Rulemaking (ANPR) on Dodd-Frank Section 1033, signaling a significant moment for the fintech industry. This ANPR aims to establish new regulatory requirements for entities covered by Dodd-Frank and seeks input from key stakeholders such as businesses, advocacy groups, consumers, and developers. The rulemaking could strengthen consumer control over their financial data and drive further innovation in fintech. Key takeaways include the importance of consumer control over their data, the blurring lines between financial institutions, fintech companies, and data aggregators, and the potential impact on businesses that rely on customer access to financial information. The CFPB is considering 111 questions about consumer data rights, and responses are due within 90 days.