The CFPB said it will consider the Government Accountability Office’s recommendation, but rulemaking will involve joint efforts with other regulators. Meanwhile, institutions can themselves revise the model form on a trial basis.

Section 1033 of the Dodd-Frank Act ensures consumers have access to, and the ability to leverage, data in their records. The question is how much data consumer-authorized third parties can access from bank accounts.

Financial institutions are rushing to iron out any remaining compliance wrinkles before the California Consumer Privacy Act comes into effect on July 1.

Some trade and consumer groups also expressed concerns over the timing of the request for information, calling upon the CFPB to extend the comment period.

Thomas Ward, deputy assistant attorney general overseeing the torts branch in the civil division of the DOJ, will now serve as the CFPB’s assistant director for enforcement.

The bureau is exploring the use of “Tech Sprints,” a model used in the United Kingdom for collaborative innovation, to promote regulatory compliance innovation.

A recent Government Accountability Office report suggests the CFPB prioritize data security when examining credit reporting agencies.

The CFPB has restricted public disclosure of certain mortgage data collected by lenders in 2018 under the Home Mortgage Disclosure Act.

The CFPB should take steps to limit the data collection burden on industry and protect data security, industry groups said in response to a request for information regarding data collections.