CFPB official seal. CFPB official seal. (Source: Shutterstock)

The CFPB announced Thursday that it is in the process of creating regulations to implement section 1033 of the Dodd-Frank Act, which could have a significant impact on credit unions and all financial institutions as it relates to allowing consumers to have access to their data history.

According to a statement released by the CFPB, the Bureau’s “Outline of Proposals and Alternatives Under Consideration” hopes to allow consumers to transfer the account history to a new organization if they are unsatisfied with the services provided.

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Michael Ogden

Editor-in-Chief for CU Times.

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