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10.17 Consumer Access to Information

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10.17 Consumer Access to Information

 

 


10.17.               Consumer Access to Information.  Covered Persons will be required to make available to a consumer, upon request, information concerning the consumer financial product or service that the consumer obtained from the Covered Person, including information relating to any transaction, series of transactions, or to the account including costs, charges, and usage data, subject to the rules issued by the Bureau.  This information is to be made available in an electronic form usable by consumers.  There are certain limitations on this requirement.  Covered Persons are not required to make available: (i) confidential commercial information; (ii) information collected for the purpose of preventing fraud, money laundering, or other unlawful conduct; (iii) information required to be kept confidential by any other provision of law; or (iv) information that the Covered Person cannot retrieve in the ordinary course of business.

This provision does not impose a duty on a Covered Person to maintain or keep any information about a consumer.  The Bureau will consult with other Federal agencies to ensure, to the extent appropriate, that the rules: (i) impose substantively similar requirements on Covered Persons; (ii) take into account conditions under which Covered Persons do business in the U.S. and abroad; and (iii) do not require or promote the use of any particular technology.

The Bureau will create standards to promote the development and use of standardized formats for information, including through the use of machine readable files, to be made available to consumers.[§1033]