Consumer Information Requests to Large Banks and Credit Unions

Publisher lists this guidance as withdrawn/rescinded: Consumer Information Requests to Large Banks and Credit Unions, 88 FR 71279 (Oct. 16, 2023); withdrawn on May 12, 2025 .

71279 Federal Register/ Vol. 88, No. 198 / Monday, October 16, 2023 / Rules and Regulations
1
85 FR 77987 (Dec. 3, 2020).
2
12 U.S.C. 5534(c).
3
As a matter of prosecutorial discretion, the
CFPB does not intend to seek monetary relief for
violations of section 1034(c) that occur prior to
February 1, 2024.
4
12 U.S.C. 5534(c)(1) (provision applies to ‘‘a
covered person subject to supervision and primary
enforcement by the Bureau pursuant to section
1025’’); see also id. sec. 5481(1), (6) (defining
‘‘affiliate’’ and ‘‘covered person’’); id. sec. 5515(a)–
(c) (CFPA section 1025 providing CFPB with
supervisory and primary enforcement authority
over insured depository institutions and insured
credit unions with total assets of more than $10
billion and over their affiliates). For convenience,
this Bulletin generally refers to institutions subject
to section 1034(c) as ‘‘large banks and credit
unions.’’
5
12 U.S.C. 5534(c).
6
Subtitle C of the CFPA, which includes section
1034, became effective on ‘‘the designated transfer
date.’’ Public Law 111–203, title X, sec. 1037. The
designated transfer date was July 21, 2011. See
Designated Transfer Date, 75 FR 57252, 57253
(Sept. 20, 2010); see also 12 U.S.C. 5582.
7
12 U.S.C. 5534(a), (b); see also CFPB, Consumer
Response Annual Report at 16–17 (Mar. 2023),
https://files.consumerfinance.gov/f/documents/
cfpb_2022-consumer-response-annual-report_2023-
03.pdf (describing the consumer complaint
process).
8
See CFPB, Prepared Remarks of CFPB Director
Rohit Chopra in Great Falls, Montana on
Relationship Banking and Customer Service (June
14, 2022), https://www.consumerfinance.gov/about-
us/newsroom/prepared-remarks-of-cfpb-director-
rohit-chopra-in-great-falls-montana-on-
relationship-banking-and-customer-service/; see
also FDIC, FDIC Community Banking Study at 4–
1 (December 15, 2020), https://www.fdic.gov/
resources/community-banking/report/2020/2020-
cbi-study-full.pdf (noting that community banks
‘‘tend to focus on loans as relationships, originating
loans that require local knowledge, a greater
personal touch, individual analysis, and continued
administration’’).
9
See CFPB, Chatbots in consumer finance (June
6, 2023), https://www.consumerfinance.gov/data-
research/research-reports/chatbots-in-consumer-
finance/chatbots-in-consumer-finance/ (observing
that ‘‘automated responses can be highly scripted
and simply direct customers to lengthy policy
statements or FAQs, which may contain very little
helpful information, if any’’); see also Ron Shevlin,
The Human + Digital Challenge In Banking:
Consumers Want Both at 2, Cornerstone Advisors
(2021), https://go.backbase.com/rs/987-MGR-655/
images/Backbase_Cornerstone_Human_Digital.pdf
(finding, based on consumer survey, that ‘‘[t]oday’s
consumers—even those at the younger end of the
age spectrum—want and value high-quality human
interactions in their financial lives’’ and that
‘‘[f]inancial institutions must quickly improve the
quality of their digital channel experiences’’).
10
See Request for Information Regarding
Relationship Banking and Customer Service, 87 FR
36828 (June 21, 2022).
11
See, e.g., Comment from Legal Services NYC at
2 (July 13, 2022), https://
downloads.regulations.gov/CFPB-2022-0040-0006/
Continued
CONSUMER FINANCIAL PROTECTION
BUREAU
12 CFR Chapter X
Consumer Information Requests to
Large Banks and Credit Unions
AGENCY: Consumer Financial Protection
Bureau.
ACTION: Advisory Opinion.
SUMMARY: The Consumer Financial
Protection Bureau (CFPB) is issuing this
Advisory Opinion regarding section
1034(c) of the Consumer Financial
Protection Act (CFPA), which requires
large banks and credit unions to comply
in a timely manner with consumer
requests for information concerning
their accounts for consumer financial
products and services, subject to limited
exceptions.
DATES: This Advisory Opinion is
applicable as of October 16, 2023.
FOR FURTHER INFORMATION CONTACT:
Colin Reardon or Yan Cao, Senior
Counsels, Legal Division, at 202–435–
7700. If you require this document in an
alternative electronic format, please
contact CFPB_Accessibility@cfpb.gov.
SUPPLEMENTARY INFORMATION: The CFPB
is issuing this Advisory Opinion
through the procedures for its Advisory
Opinions Policy.
1
Refer to those
procedures for more information.
I. Background
Section 1034(c) of the CFPA requires
large financial institutions to comply
with consumer requests for information
concerning their accounts in a timely
manner.
2
This Advisory Opinion
interprets this provision for the purpose
of highlighting the obligations it
imposes upon large financial
institutions. The CFPB has not
previously issued supervisory findings
or pursued an enforcement action under
this provision. This Advisory Opinion is
the CFPB’s first guidance regarding
section 1034(c).
3

Section 1034(c) applies to insured
depository institutions and credit
unions that offer or provide consumer
financial products or services and that
have total assets of more than $10
billion, as well as their affiliates.
4
The
provision states that, subject to certain
exceptions, banks and credit unions
with over $10 billion in assets must ‘‘in
a timely manner, comply with a
consumer request for information in the
control or possession of such covered
person concerning the consumer
financial product or service that the
consumer obtained from such covered
person, including supporting written
documentation, concerning the account
of the consumer.’’
5
Section 1034(c) is a
current legal obligation that became
effective on July 21, 2011.
6

Congress placed section 1034(c)
alongside provisions of the CFPA that
establish a process for addressing
consumer complaints submitted to the
CFPB. Under sections 1034(a) and
1034(b), when a consumer submits a
complaint or inquiry about a large bank
or credit union, that entity ‘‘shall
provide a timely response’’ to the CFPB,
and the CFPB then provides a timely
response to the consumer, including
‘‘any responses received’’ from the
financial institution.
7
Through section
1034(c), Congress established an
additional, direct channel for consumers
to request information from large banks
and credit unions without routing their
inquiry through the CFPB or another
government entity. And like a complaint
submitted to the CFPB, a request for
information under section 1034(c) can
lead to the identification and resolution
of errors by a large bank or credit union
involving a consumer’s account.
Responding to consumer requests for
information is critical for ensuring high
levels of customer service and enabling
consumers to resolve issues with their
accounts when they encounter
problems. Large banks and credit unions
possess information that is vital to meet
these customer needs. Too often,
however, it can be difficult and time
consuming for individual consumers to
obtain a clear answer to questions or
resolve an account issue. The CFPB has
observed that some larger financial
institutions have moved away from a
traditional relationship banking model
with an emphasis on providing
customized help to individuals.
8
Such
individualized service is now generally
reserved for high net-worth individuals,
and is difficult for other households to
find. For most consumers, larger banks
and credit unions frequently rely on
highly standardized processes rather
than high-quality human interactions or
digital channels that actually facilitate
self-help. When a consumer has a
question or problem, they typically
cannot go to an individual at the bank
or credit union who is already familiar
with their account, such as the person
that originally signed them up for the
product. They are more likely to have to
navigate a phone tree in the hope of
speaking to the right person in a call
center, to have to search through largely
irrelevant material on a website to try to
find the information they need, or to
have to attempt to get a clear answer
from a chatbot.
9

On June 14, 2022, the CFPB issued a
request for information asking the
public to provide input on customer
service obstacles they face in interacting
with large banks and credit unions.
10

Commenters relayed consumers’
frustration and difficulty in obtaining
critical information about their
accounts.
11
This includes information
VerDate Sep<11>2014 15:48 Oct 13, 2023 Jkt 262001 PO 00000 Frm 00007 Fmt 4700 Sfmt 4700 E:\FR\FM\16OCR1.SGM 16OCR1
ddrumheller on DSK120RN23PROD with RULES1

71280 Federal Register/ Vol. 88, No. 198 / Monday, October 16, 2023 / Rules and Regulations
attachment_2.pdf (describing low-income clients
who have difficulty obtaining ‘‘copies of their
statements; records related to restraints placed on
their accounts; copies of cashed checks or money
orders; information on fees and charges placed on
the account’’ among other information); Comment
from Mobilization for Justice (July 22, 2022),
https://downloads.regulations.gov/CFPB-2022-
0040-0051/attachment_2.pdf (describing low-
income consumers without internet access who
cannot afford fees charged to obtain hard copies of
account statements); Comment from Tzedek DC
(Aug. 19, 2022), https://downloads.regulations.gov/
CFPB-2022-0040-0084/attachment_1.pdf
(describing disabled clients who were denied access
to account information because of the presence of
a retained attorney, and who could not obtain
documents a large bank relied upon to close fraud
disputes); see also Nonrulemaking Docket: Request
for Information Regarding Relationship Banking
and Customer Services (CFPB–2022–0040),
comments available at https://www.regulations.gov/
docket/CFPB-2022-0040/comments.
12
12 U.S.C. 5534(c)(1).
13
12 U.S.C. 5481(5), (15)(A)(i), (iv). It should be
noted that a consumer can receive services from a
loan servicer (and thus ‘‘obtain’’ a consumer
financial product or service from that servicer) even
if the loan servicer is not the original creditor on
the consumer’s loan. See 12 U.S.C. 5481(5),
(15)(A)(i).
14
Nothing in section 1034(c) states or suggests
that a consumer must expressly indicate that they
are making a request under that provision. See 12
U.S.C. 5534.
15
Concerning, Merriam-Webster, https://
www.merriam-webster.com/dictionary/
concerning#dictionary-entry-2 (last visited Oct. 5,
2023); see also Concerning, Oxford English
Dictionary, https://www.oed.com/dictionary/
concerning_prep?tab=meaning_and_use (last
visited Oct. 5, 2023) (defining ‘‘concerning’’ to
mean ‘‘[i]n reference or relation to; regarding,
about’’).
16
With respect to periodic statements, Regulation
DD describes information that must appear on
periodic statements for deposit accounts held by
depository institutions other than credit unions, see
12 CFR 1030.6(a), and NCUA regulations impose
similar disclosure requirements for credit unions,
see 12 CFR 707.6(b). Regulation E describes
information that must appear on periodic
statements for accounts to or from which electronic
fund transfers can be made. See 12 CFR 1005.9.
Regulation Z describes information that must
appear on periodic statements for open-end credit
plans (e.g., credit cards and home-equity lines of
credit), see 12 CFR 1026.7, 1026.8, and for closed-
end residential mortgage loans, see 12 CFR 1026.41.
17
Support, Merriam-Webster, https://
www.merriam-webster.com/dictionary/support (last
visited Oct. 5, 2023); see also Supporting, Oxford
English Dictionary, https://www.oed.com/
dictionary/supporting_adj?tab=meaning_and_
use#19725899 (last visited Oct. 5, 2023) (defining
‘‘supporting’’ to mean ‘‘[t]hat provides evidence or
authority for something; confirmatory,
corroborative.’’).
18
See, e.g., Fed. R. Civ. P. 34 (concerning requests
for documents in party’s ‘‘possession, custody, or
control’’); U.S. Dept. of Just. v. Tax Analysts, 492
U.S. 136, 145 (1989) (stating that, with respect to
requests under the Freedom of Information Act
(FOIA), ‘‘the agency must be in control of the
requested materials at the time the FOIA request is
made’’ and that ‘‘[b]y control we mean that the
materials have come into the agency’s possession in
the legitimate conduct of its official duties’’).
that consumers need to stay current and
avoid fees or penalties; to identify and
resolve errors; and to close accounts that
no longer serve their interests.
Through section 1034(c), Congress
ensured that as banks and credit unions
grow larger they must continue to meet
consumers’ need for information
necessary to manage their finances, and
thus must provide timely responses to
consumer requests for information
concerning their accounts. Such
responses help meet consumers’
reasonable expectations for customer
service.
II. Information Requests Under Section
1034(c)
A. Consumer Requests for Information
Regarding Their Accounts
Section 1034(c) states that, subject to
certain enumerated exceptions, large
banks and credit unions ‘‘shall, in a
timely manner, comply with a consumer
request for information in the control or
possession of [a large bank or credit
union] concerning the consumer
financial product or service that the
consumer obtained from [the large bank
or credit union], including supporting
written documentation, concerning the
account of the consumer.’’
12
Thus,
section 1034(c) applies to a consumer’s
request for information to a large bank
or credit union where the information
concerns the consumer’s account for a
consumer financial product or service,
is in the large bank or credit union’s
control or possession, and does not fall
into an enumerated exception.
The CFPA defines ‘‘consumer
financial product or service’’ to include
several types of financial products or
services that consumers may obtain
from a large bank or credit union,
including deposit and savings accounts,
credit products such as mortgage loans
and credit cards, and loan servicing.
13

Under section 1034(c), large banks and
credit unions that offer or provide
consumer financial products or services
must comply with consumer requests
for information regarding their accounts.
That obligation applies even if
consumers do not expressly invoke
section 1034(c).
14

Section 1034(c) applies to consumer
requests for information ‘‘concerning’’
an account for a consumer financial
product or service. The term
‘‘concerning’’ means ‘‘relating to’’ or
‘‘regarding’’ and therefore encompasses
a wide range of information about a
consumer’s account.
15
Information
concerning an account would include
account information that appears on
periodic statements or on online
account portals, such as the amount of
the balance in a deposit account, the
interest rate on a loan or credit card, and
information regarding transactions or
payments involving an account.
16
It
would include information regarding
bill payment and other recurring
transactions involving the account (e.g.,
a list of all recurring payments out of
the account). It would also include the
terms and conditions of the account,
including a schedule of fees that may be
charged on the account. It could also
include information about the status of
a lien on real property that was released
(or should have been released) years
before. Such information can be
necessary for consumers to manage their
accounts and resolve disputes with their
bank or credit union, or with merchants
or other third parties. In contrast,
section 1034(c) does not apply to a
consumer’s request for information that
is not specifically related to a
consumer’s account, such as
information regarding a large bank or
credit union’s internal operating
procedures, financial performance,
marketing strategy, or training program
for its employees.
In addition, section 1034(c) requires a
large bank or credit union to comply
with a consumer’s request for
‘‘information . . . including supporting
written documentation.’’ The word
‘‘support’’ means ‘‘to assist,’’ ‘‘help,’’ or
‘‘provide with substantiation.’’
17

Accordingly, through its reference to
‘‘supporting written documentation,’’
section 1034(c) requires large banks and
credit unions to provide consumers,
upon request, with written documents
that will substantiate information
provided in response to consumer
questions, or that will assist consumers
with understanding or verifying
information regarding their accounts.
For example, under section 1034(c), a
consumer seeking information about
past transactions on their account could
request copies of past periodic
statements or check images. Similarly, a
consumer seeking information regarding
the terms and conditions governing
their account could request a copy of
their account agreement (including a
copy of the original signed agreement).
Section 1034(c) requires large banks
and credit unions to provide account
information and supporting
documentation to the extent it is in their
‘‘control or possession.’’ The concepts of
‘‘control’’ and ‘‘possession’’ are familiar
from other contexts involving requests
for information, such as the discovery
provisions in the Federal Rules of Civil
Procedure and the Freedom of
Information Act.
18
In the context of
section 1034(c), a bank or credit union
‘‘possesses’’ information that is known
by its employees or that can be found
VerDate Sep<11>2014 15:48 Oct 13, 2023 Jkt 262001 PO 00000 Frm 00008 Fmt 4700 Sfmt 4700 E:\FR\FM\16OCR1.SGM 16OCR1
ddrumheller on DSK120RN23PROD with RULES1

71281 Federal Register/ Vol. 88, No. 198 / Monday, October 16, 2023 / Rules and Regulations
19
Cf. Twentieth Century Fox Film Corp. v. Marvel
Enterprises, Inc., 2002 WL 1835439, at *3 (S.D.N.Y.
2002) (noting, in context of Federal Rule of Civil
Procedure 33, that a ‘‘corporation responding to
interrogatories must provide . . . the information
contained in its own files and possessed by its own
employees’’).
20
Cf. In re NTL, Inc. Securities Litigation, 244
FRD. 179, 195 (S.D.N.Y. 2007) (construing ‘‘control’’
in Federal Rule of Civil Procedure 34).
21
12 U.S.C. 5534(c)(2).
22
Id.
23
Section 1033(a) requires that covered persons
(not limited to large depository institutions) ‘‘make
available . . . information,’’ including ‘‘in
electronic form,’’ which can be used by third parties
for the provision of products or services to the
consumer. 12 U.S.C. 5533(a). Section 1033 governs
consumer authorized third-party access to data
made available in electronic form in connection
with third-party provision of other products or
services—including for example, the provision of a
potentially competing account offering. This is
why, for example, section 1033 is limited to data
available in the normal course, and why section
1033 requires data to be ‘‘made available . . . in
electronic form.’’ The CFPB is in the process of
writing proposed regulations to implement section
1033 of the CFPA. See CFPB, Required Rulemaking
on Personal Financial Data Rights, https://
www.consumerfinance.gov/personal-financial-data-
rights/ (last visited Oct. 5, 2023).
24
Shall, Black’s Law Dictionary (11th ed. 2019)
(‘‘This [definition] is the mandatory sense that
drafters typically intend and that courts typically
uphold.’’); see Shall, Merriam-Webster Dictionary,
https://www.merriam-webster.com/dictionary/shall
(‘‘shall’’ is ‘‘used in laws, regulations, or directives
to express what is mandatory’’) (last visited Oct. 5,
2023); see also Lexecon Inc. v. Milberg Weiss
Bershad Hynes & Lerach, 523 U.S. 26, 35 (1998)
(recognizing that ‘‘shall’’ is ‘‘mandatory’’).
25
See Reich v. Trinity Industries, Inc., 16 F.3d
1149, 1154 (11th Cir. 1994) (‘‘shall comply’’
language in provision of Occupational Safety and
Health Act was ‘‘mandatory’’).
26
12 U.S.C. 5534(c).
27
Relatedly, the CFPB does not interpret section
1034(c) to preempt or otherwise supersede the
requirements of other Federal or state laws and
regulations designed to protect privacy and data
security. This includes, for example, any
restrictions that may be imposed in the CFPB’s
upcoming rule implementing section 1033.
in its records, such as in its electronic
or paper files.
19
A bank or credit union
can also ‘‘control’’ information that it
does not physically possess, where it
has the legal right, authority, or
practical ability to obtain the
information.
20
For example, a large bank
or credit union would control
information held by an affiliate or
service provider where it has the right
or ability to receive that information
from the affiliate or service provider.
Large banks and credit unions are not
required to provide information that
falls within one of the four enumerated
exceptions in section 1034(c).
21

Specifically, those exceptions apply to
(1) confidential commercial
information, including an algorithm
used to derive credit scores or other risk
scores or predictors; (2) information
collected for the purpose of preventing
fraud or money laundering, or detecting
or making any report regarding other
unlawful or potentially unlawful
conduct; (3) information required to be
kept confidential by any other provision
of law; and (4) any nonpublic or
confidential information, including
confidential supervisory information.
22

In addition, section 1034(c) does not
require a large bank or credit union to
respond to a consumer information
request in a specific form, such as in
writing, orally, or electronically. In this
regard, section 1034(c) differs from
section 1033 of the CFPA, which
requires that certain information be
made available ‘‘in an electronic
form.’’
23

B. Conditions That Unreasonably
Impede Consumer Information Requests
Section 1034(c) provides that large
banks and credit unions ‘‘shall, in a
timely manner, comply’’ with consumer
requests for information regarding their
accounts for consumer financial
products or services. It is well
established that when the term ‘‘shall’’
is used in statutes, it generally means
that something ‘‘is required.’’
24
The
addition of the word ‘‘comply’’—which
creates the phrase ‘‘shall . . .
comply’’—further indicates that section
1034(c) creates a mandatory obligation
to do what the consumer requests.
25

Section 1034(c) thus grants consumers a
right to request and receive account
information that falls within the scope
of the provision, and imposes a
concomitant legal obligation on large
banks and credit unions to respond to
the consumer’s request and to provide
such account information.
Large banks and credit unions do not
have to provide information in any
particular manner, or using particular
means. However, a large bank or credit
union would not comply with section
1034(c) if it imposed conditions or
requirements on consumers’
information requests that unreasonably
impeded consumers’ ability to request
and receive account information. Under
the plain language of section 1034(c), if
a consumer makes a ‘‘request for
information in the control or possession
of such covered person concerning the
consumer financial product or service
that the consumer obtained from such
covered person’’ that does not fall into
one of the specified exceptions, and a
large bank or credit union refuses to
provide that information unless the
consumer satisfies an unreasonable
condition, the bank or credit union has
failed to ‘‘comply’’ with the request.
26

Section 1034(c) does not contain any
language stating or suggesting that a
large bank or credit union may impose
conditions that unreasonably impede
consumers’ information requests. Such
conditions, if permitted, would allow
large banks and credit unions to
frustrate and effectively nullify the right
granted in section 1034(c). And there is
no reason to believe that Congress
intended for section 1034(c) to allow
that result.
By contrast, a large bank or credit
union would not violate section 1034(c)
in the context of reasonable conditions
on consumer information requests. For
example, large banks or credit unions
might require that the person making
the request verify their identity, identify
their account, and describe the
information they are seeking. Similarly,
large banks or credit unions might
require the consumer to comply with
reasonable data security measures.
These kinds of conditions, when
implemented in a reasonable manner,
would not unreasonably impede
consumers’ ability to obtain information
regarding their accounts.
27

As a general matter, requiring a
consumer to pay a fee or charge to
request account information, through
whichever channels the bank uses to
provide information to consumers, is
likely to unreasonably impede
consumers’ ability to exercise the right
granted by section 1034(c), and thus to
violate the provision. Some consumers
cannot afford to pay even a small fee to
obtain information about their accounts.
Even for consumers who can afford such
fees, the fees can operate as a significant
deterrent to making an information
request. Thus, a large bank or credit
union’s practice of charging fees to
respond to an information request
would generally unreasonably impede
consumers’ exercise of their rights
under section 1034(c). Regardless of
how a large bank or credit union labels
or categorizes a fee on its fee schedule
or other documents, section 1034(c)
does not permit unreasonable
impediments to a request for
information about a consumer’s
account. That likely includes charging
fees (1) to respond to consumer
inquiries regarding their deposit
account balances; (2) to respond to
consumer inquiries seeking the amount
necessary to pay a loan balance; (3) to
respond to a request for a specific type
of supporting document, such as a
check image or an original account
agreement; and (4) for time spent on
consumer inquiries seeking information
VerDate Sep<11>2014 15:48 Oct 13, 2023 Jkt 262001 PO 00000 Frm 00009 Fmt 4700 Sfmt 4700 E:\FR\FM\16OCR1.SGM 16OCR1
ddrumheller on DSK120RN23PROD with RULES1

71282 Federal Register/ Vol. 88, No. 198 / Monday, October 16, 2023 / Rules and Regulations
28
This is not intended to be an exhaustive list of
the types of fees for consumer information requests
that may be subject to section 1034(c).
29
A consumer would not seek the same
information by asking for information from a
different time period where information can change
over time (e.g., by requesting certain transaction
information for the month of April and then later
seeking the same type of information for the month
of May).
30
The CFPB has recently highlighted the risks
posed by financial institutions’ use of deficient
chatbots. See CFPB, Chatbots in Consumer Finance
(June 6, 2023), https://www.consumerfinance.gov/
data-research/research-reports/chatbots-in-
consumer-finance/.
31
12 U.S.C. 5534(c)(1).
32
See 12 CFR 1024.36(d)(2).
33
See, e.g., Consumer Financial Protection
Circular 2022–03, ‘‘Adverse action notification
requirements in connection with credit decisions
based on complex algorithms’’ (May 2022), https://
www.consumerfinance.gov/compliance/circulars/
circular-2022-03-adverse-action-notification-
requirements-in-connection-with-credit-decisions-
based-on-complex-algorithms/.
34
See CFPB, Chatbots in consumer finance (June
2023), https://www.consumerfinance.gov/data-
research/research-reports/chatbots-in-consumer-
finance/chatbots-in-consumer-finance/.
and supporting documents regarding an
account.
28

At the same time, it would generally
not violate section 1034(c) for a large
bank or credit union to impose a fee or
charge in certain limited circumstances.
For example, a large bank or credit
union might charge a fee to a consumer
who repeatedly requested and received
the same information regarding their
account (e.g., repeatedly asked for a
copy of the same document).
29
In that
context, the large bank or credit union
would have already met its obligation
under section 1034(c) by complying
with the consumer’s earlier requests.
A large bank or credit union may also
violate section 1034(c) by imposing
other conditions or obstacles that
unreasonably impede consumers’ ability
to make an information request.
Depending on the facts and
circumstances, such conditions or
obstacles could include forcing
consumers to endure excessively long
wait times to make a request to a
customer service representative,
requiring consumers to submit the same
request multiple times, requiring
consumers to interact with a chatbot
that does not understand or adequately
respond to consumers’ requests, or
directing consumers to obtain
information that the institution
possesses from a third party instead.
30

Such conditions or obstacles may
frustrate consumers’ ability to exercise
their right to request information under
section 1034(c), and thus may violate
that provision.
C. Timely Compliance With Consumer
Information Requests
Section 1034(c) provides that large
banks and credit unions ‘‘shall, in a
timely manner, comply’’ with consumer
requests for information.
31
Section
1034(c) thus does not specify a fixed
time limit for responding that applies to
all information requests. The CFPB will
consider the specific circumstances and
nature of a particular request to
determine compliance. For example,
whether a response to a 1034(c) request
is timely may depend on the complexity
of the request and/or the difficulty of
responding. Where a request seeks basic
information that is readily available to
a large bank or credit union, to comply
with section 1034(c) a bank or credit
union would generally need to respond
more quickly than if the request is more
complex or seeks information that is
less accessible. At the same time, even
though a timely response for a complex
response may involve a longer time
period, that does not mean that large
banks or credit unions can unduly delay
their responses to more complicated
requests.
What constitutes a timely response
under section 1034(c) may also be
informed by the timing requirements of
other Federal laws and regulations with
which large banks and credit unions
must comply. For example, Regulation
X requires mortgage servicers to respond
to certain information requests within
specific time periods depending on the
nature of the requested information.
32
A
large bank or credit union that is subject
to Regulation X and that exceeded
Regulation X’s timing requirements for
an information request likely would not
be responding ‘‘in a timely manner’’ for
purposes of section 1034(c) with respect
to that same information request.
Conversely, a bank or credit union
subject to Regulation X would likely
respond ‘‘in a timely manner’’ for
purposes of section 1034(c) if it
provided a response that satisfied the
timing requirements in Regulation X.
Thus, where both section 1034(c) and
another Federal law or regulation
applies to the same consumer
information request, the CFPB does not
view section 1034(c)’s ‘‘timely manner’’
requirement as likely to impose timing
requirements that differ from the
specific timing requirements of the
other applicable Federal law or
regulation. The CFPB expects that large
banks and credit unions will already
have policies and procedures in place to
meet the timing requirements of other
applicable laws and regulations.
D. Accuracy and Completeness of
Responses to Consumer Information
Requests
By providing that large banks and
credit unions ‘‘shall . . . comply’’ with
consumer requests for information,
section 1034(c) contemplates that large
banks and credit unions will in fact
provide consumers with the information
they request to the extent it is in their
control or possession. A large bank or
credit union would violate section
1034(c) if it provided incomplete or
inaccurate information in response to a
consumer’s information request.
With respect to completeness, a large
bank or credit union would not comply
with section 1034(c) if, for example, the
consumer asked for information about
all of the consumer’s transactions with
a given merchant since the account was
opened, and the large bank or credit
union possesses transaction information
going back seven years, but its response
provides only transaction information
going back one year. However, a large
bank or credit union would not violate
section 1034(c) by withholding
information that falls within the scope
of one of the enumerated exceptions in
section 1034(c)(2).
With respect to accuracy, a large bank
or credit union would not comply with
section 1034(c) if it provided inaccurate
information to consumers in response to
their requests. For example, if a
consumer asked the large bank or credit
union the amount of a particular fee it
charges for the consumer’s account (e.g.,
the amount of a monthly maintenance
fee for a deposit account), a large bank
or credit union would not comply with
section 1034(c) if it provided the wrong
amount for that fee. In that
circumstance, the large bank or credit
union would not be providing
responsive information in its control or
possession (i.e., the correct amount of
the fee).
The CFPB has noted in other contexts
that Federal consumer financial laws
generally apply regardless of the
technology used by institutions.
33
The
same principle applies to section
1034(c). Chatbots or other automated
responses may serve to expedite
responses in some cases; however, in
the absence of appropriate checks and
quality assurance processes, these tools
can inadvertently misdirect inquiries or
provide inadequate responses.
34
Large
banks and credit unions may violate
section 1034(c) if they employ
technologies that do not properly
recognize consumer information
requests or that provide inaccurate or
incomplete information in response to
those requests.
VerDate Sep<11>2014 15:48 Oct 13, 2023 Jkt 262001 PO 00000 Frm 00010 Fmt 4700 Sfmt 4700 E:\FR\FM\16OCR1.SGM 16OCR1
ddrumheller on DSK120RN23PROD with RULES1

71283 Federal Register/ Vol. 88, No. 198 / Monday, October 16, 2023 / Rules and Regulations
35
12 U.S.C. 5512(b)(1).
36
5 U.S.C. 801 et seq.
37
44 U.S.C. 3501–3521.
III. Summary of Section 1034(c)
Obligations
The CFPB is providing this summary
section to assist large banks and credit
unions in complying with section
1034(c). This section is intended to
serve as a simplified summary and a
reference tool, and large banks and
credit unions should refer to the legal
analysis above for further detail and
information.
As discussed above, when a bank or
credit union with over $10 billion in
assets receives a request for information
from a consumer relating to the
consumer’s account for a consumer
financial product or service, section
1034(c) requires the bank or credit
union to respond with information in its
possession or control. The large bank or
credit union must respond to the
request in a timely manner; whether a
response is timely may depend on the
complexity of the request or difficulty of
responding. Responses to consumer
information requests must also be
complete and accurate. Large banks and
credit unions may respond to requests
using any means or channels they
choose.
Consumers need information
regarding their accounts to manages
their finances, and the Advisory
Opinion describes examples of account
information that must be provided upon
request. Consumers can request
information such as account balances,
transaction history, interest rates,
scheduled auto-payments, fees, or
balances necessary to pay off a loan, and
may also request supporting written
documents such as copies or images of
checks or original signed contracts. The
obligation to respond does not include
information that does not concern the
individual consumer’s account, such as
internal operating procedures or
policies, or the company’s financial
performance, marketing strategy, or
training program for its employees. The
obligation also does not apply to
information that falls within the four
enumerated exceptions in section
1034(c), including confidential
information or information collected to
prevent fraud or money laundering.
Section 1034(c) does not bar large
banks and credit unions from imposing
reasonable impediments on consumer
information requests, such as reasonable
identity verification and data security
measures. But large banks and credit
unions may not impose conditions that
unreasonably impede consumers’
information requests. The practice of
charging fees to respond to an
information request would generally
unreasonably impede consumers’
exercise of their rights under section
1034(c), and thus violate the provision.
Regardless of how a large bank or credit
union labels or categorizes a fee on its
fee schedule or other documents,
section 1034(c) does not permit
unreasonable impediments to a request
for information about a consumer’s
account. That would likely include
charging fees (1) to respond to consumer
inquiries regarding their deposit
account balance; (2) to respond to
consumer inquiries seeking the amount
necessary to pay a loan balance; (3) to
respond to a request for a specific type
of supporting document, such as a
check image or an original account
agreement; and (4) for time spent on
consumer inquiries seeking information
and supporting documents regarding an
account. Depending on the
circumstances, other kinds of conditions
or obstacles may also violate section
1034(c), such as forcing consumers to
endure excessive wait times, requiring
consumers to submit the same request
multiple times, requiring consumers to
interact with a chatbot that does not
adequately respond to requests, or
directing consumers to obtain
information from a third party.
As a matter of prosecutorial
discretion, the CFPB does not intend to
seek monetary relief for potential
violations of section 1034(c) that occur
prior to February 1, 2024.
IV. Regulatory Matters
The CFPB has concluded that the
Advisory Opinion is an interpretive rule
in part and a general statement of policy
in part. Insofar as the Advisory Opinion
constitutes an interpretive rule, it is
issued under the CFPB’s authority to
interpret the Consumer Financial
Protection Act, including under section
1022(b)(1) of the Consumer Financial
Protection Act, which authorizes
guidance as may be necessary or
appropriate to enable the CFPB to
administer and carry out the purposes
and objectives of Federal consumer
financial laws.
35

Insofar as the Advisory Opinion
constitutes a general statement of
policy, it provides background
information about applicable law and
articulates considerations relevant to the
CFPB’s exercise of its authorities. It does
not confer any rights of any kind.
Pursuant to the Congressional Review
Act,
36
the CFPB will submit a report
containing this Advisory Opinion and
other required information to the United
States Senate, the United States House
of Representatives, and the Comptroller
General of the United States prior to the
rule’s published effective date. The
Office of Information and Regulatory
Affairs has designated this interpretive
rule as not a ‘‘major rule’’ as defined by
5 U.S.C. 804(2).
The CFPB has determined that this
Advisory Opinion also does not impose
any new or revise any existing
recordkeeping, reporting, or disclosure
requirements on covered entities or
members of the public that would be
collections of information requiring
approval by the Office of Management
and Budget under the Paperwork
Reduction Act of 1995.
37

Rohit Chopra,
Director, Consumer Financial Protection
Bureau.
[FR Doc. 2023–22774 Filed 10–13–23; 8:45 am]
BILLING CODE 4810–AM–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2023–1998; Project
Identifier MCAI–2023–01045–R; Amendment
39–22572; AD 2023–20–51]
RIN 2120–AA64
Airworthiness Directives; Airbus
Helicopters
AGENCY: Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule; request for
comments.
SUMMARY: The FAA is adopting a new
airworthiness directive (AD) for Airbus
Helicopters Model AS332C, AS332C1,
AS332L, AS332L1, AS332L2, and
SA330J helicopters. This AD was
prompted by a report of three newly
supplied main rotor swashplate bushing
retaining plates with oversized internal
diameters. This AD requires
accomplishing a one-time inspection to
measure the internal diameter of
affected bushing retaining plates and
depending on the results, accomplishing
an additional inspection, replacing non-
conforming bushing retaining plates, or
accomplishing additional corrective
action, as specified in a European Union
Aviation Safety Agency (EASA) AD,
which is incorporated by reference. The
FAA previously sent this AD as an
emergency AD to all known U.S. owners
and operators of these helicopters. The
FAA is issuing this AD to address the
unsafe condition on these products.
VerDate Sep<11>2014 15:48 Oct 13, 2023 Jkt 262001 PO 00000 Frm 00011 Fmt 4700 Sfmt 4700 E:\FR\FM\16OCR1.SGM 16OCR1
ddrumheller on DSK120RN23PROD with RULES1