Open Banking Study Act of 2019

I 116TH CONGRESS 1ST SESSION H. R. 4047 To require certain Federal financial regulators to carry out an independent study of their regulated entities’ processes for allowing third parties to access consumer-authorized financial data. IN THE HOUSE OF REPRESENTATIVES JULY 25, 2019 Mr. MEEKS introduced the following bill; which was referred to the Committee on Financial Services A BILL To require certain Federal financial regulators to carry out an independent study of their regulated entities’ proc- esses for allowing third parties to access consumer-au- thorized financial data. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Open Banking Study 4 Act of 2019’’. 5 SEC. 2. CONSUMER-AUTHORIZED FINANCIAL DATA STUDY. 6 (a) STUDY.—The Board of Governors of the Federal 7 Reserve System, the Bureau of Consumer Financial Pro- 8 VerDate Sep 11 2014 04:00 Aug 14, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H4047.IH H4047 kjohnson on DSK79L0C42 with BILLS 2 •HR 4047 IH tection, the Comptroller of the Currency, the Federal De- 1 posit Insurance Corporation, and the National Credit 2 Union Administration shall, jointly, carry out a study of 3 their regulated entities’ processes for allowing third par- 4 ties to access consumer-authorized financial data. 5 (b) REPORT.—Not later than the end of the 1-year 6 period beginning on the date of enactment of this Act, the 7 Federal agencies required to carry out a study under sub- 8 section (a) shall submit a report to the Committee on Fi- 9 nancial Services of the House of Representatives and the 10 Committee on Banking, Housing, and Urban Affairs of 11 the Senate containing— 12 (1) a description of all findings and determina- 13 tions made in carrying out the study required under 14 subsection (a); and 15 (2) administrative and legislative recommenda- 16 tions that would encourage consumer-authorized fi- 17 nancial data sharing and aggregation consistent with 18 the agencies’ safety and soundness, consumer pro- 19 tection, and cybersecurity standards, and all applica- 20 ble laws and regulations. 21 Æ VerDate Sep 11 2014 04:00 Aug 14, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H4047.IH H4047 kjohnson on DSK79L0C42 with BILLS