Federal Register / Vol. 88, No. 198 / Monday, October 16, 2023 / Rules and Regulations 71279 

1 85 FR 77987 (Dec. 3, 2020). 

2 12 U.S.C. 5534(c). 

3As 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). 

6Subtitle 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). 

8See 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/aboutus/newsroom/prepared-remarks-of-cfpb-directorrohit-chopra-in-great-falls-montana-onrelationship-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’’). 

9See CFPB, Chatbots in consumer finance (June 

6, 2023), https://www.consumerfinance.gov/dataresearch/research-reports/chatbots-in-consumerfinance/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’’). 

10See Request for Information Regarding 

Relationship Banking and Customer Service, 87 FR 

36828 (June 21, 2022). 

11See, 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 


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 lowincome 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). 

14Nothing 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. 

15Concerning, 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’’). 

16With 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 closedend residential mortgage loans, see 12 CFR 1026.41. 

17Support, 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.’’). 

18See, 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 


ddrumheller on DSK120RN23PROD with RULES1
Federal Register / Vol. 88, No. 198 / Monday, October 16, 2023 / Rules and Regulations 71281 

19Cf. 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’’). 

20Cf. 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. 

23Section 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-datarights/ (last visited Oct. 5, 2023). 

24Shall, 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’’). 

25See 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). 

27Relatedly, 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 


ddrumheller on DSK120RN23PROD with RULES1
71282 Federal Register / Vol. 88, No. 198 / Monday, October 16, 2023 / Rules and Regulations 

28This 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). 

29A 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). 

30The 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-inconsumer-finance/. 

31 12 U.S.C. 5534(c)(1). 32See 12 CFR 1024.36(d)(2). 

33See, 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-notificationrequirements-in-connection-with-credit-decisionsbased-on-complex-algorithms/. 

34See CFPB, Chatbots in consumer finance (June 

2023), https://www.consumerfinance.gov/dataresearch/research-reports/chatbots-in-consumerfinance/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. 


ddrumheller on DSK120RN23PROD with RULES1
Federal Register / Vol. 88, No. 198 / Monday, October 16, 2023 / Rules and Regulations 71283 

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 nonconforming 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. 


ddrumheller on DSK120RN23PROD with RULES1