Company: BPOPM
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001193125-25-043848
Chunk: 64

Company: POPULAR, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 5
Chunk 64
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“covered persons”
(broadly defined
to include
any 
person offering or
providing a consumer financial
product or service and
any affiliated service
provider) for compliance with
federal 
consumer financial laws. The CFPB
also has the broad power
to prescribe rules applicable to
a covered person or service
provider 
identifying
as
unlawful,
unfair,
deceptive,
or
abusive
acts
or
practices
in
connection
with
any
transaction
with
a
consumer
for
a 
consumer financial product or service, or the offering of
a consumer financial product or service. We are subject to examination and 
regulation by the CFPB. 
On October 22, 2024, the CFPB finalized a new rule to implement Section 1033 of the Consumer Financial Protection Act 
that
requires
a
provider
of
payment
accounts
or
products,
such
as
a
bank,
to
make
data
available
to
consumers
upon
request 
regarding the
products or
services they
obtain from
the provider.
Any such
data provider
also has
to make
such data
available to 
third parties, with the consumer’s express authorization and
through an interface that satisfies formatting, performance
and security 
standards,
for
the
purpose
of
such
third
parties
providing
the
consumer
with
financial
products
or
services
requested
by
the 
consumer. Data required to be made available under the rule includes
transaction information, account balance, account and routing 
numbers,
terms
and
conditions,
upcoming
bill
information,
and
certain
account
verification
data.
The
rule
is
intended
to
give 
consumers
control
over
their
financial
data,
including
with
whom
it
is
shared,
and
encourage
competition
in
the
provision
of 
consumer financial
products or
services. For
banks with
at least
$10 billion
and less
than $250
billion in
total assets,
compliance 
with the rule’s requirements is required beginning on
April 1, 2027. 

  20 
On December 12, 2024, the
CFPB finalized a rule that
significantly reforms