On Dec. 28, Nacha submitted comments on the Consumer Financial Protection Bureau’s (CFPB) Proposed Rule on Personal Financial Data Rights, which implements Section 1033 of the Dodd-Frank Act. Nacha supports a robust open banking framework that incorporates industry expertise and ensures consumers have access to convenient, secure, and competitive financial services.

The comments also provide specific context regarding the provisioning of information necessary to initiate ACH payments, the use of tokenized account numbers, a recommended safe harbor for entities that comply with the rule, and suggestions for some additional exemptions for certain data providers.

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