The CFPB reopened the comment period on a Request for Information issued to Amazon, Apple, Facebook, Google, PayPal and Square regarding how each firm uses personal payment data and manages data access.
The CFPB outlined various proposals and alternatives under consideration for a rulemaking on personal financial data rights.
CFPB Director Rohit Chopra intends to "activate a dormant authority" under the Consumer Financial Protection Act to give consumers control over the financial data they maintain with banks, and allow them to transfer their information to another financial institution.
The CFPB warned that financial institutions and their service providers can be held liable for maintaining insufficient data protection or information security.
A CFPB advisory opinion on the obligations of consumer reporting agencies and consumer report users under the Fair Credit Reporting Act ("FCRA") became effective July 12th.