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Can you summarize 12 USC 5533?
Specific Bureau Authorities > Consumer rights to access information
Short Summary
This section of the United States Code governs the consumer rights to access information related to consumer financial products or services obtained from covered persons. Covered persons are required to make available, upon request, information in their control or possession regarding transactions, accounts, costs, charges, and usage data. The information must be provided in an electronic form usable by consumers. However, there are exceptions to this requirement, including confidential commercial information, information collected for fraud prevention or detection of unlawful conduct, information required to be kept confidential by other laws, and information that cannot be retrieved in the ordinary course of business. Covered persons are not obligated to maintain or keep any consumer information. The Bureau of Consumer Financial Protection is responsible for prescribing rules and standards for covered persons to promote the development and use of standardized formats for consumer information. The Bureau must consult with relevant federal agencies to ensure consistent requirements and consider business conditions in the United States and other countries. No specific penalties are mentioned in this section.
Whom does it apply to?
Covered persons
What does it govern?
Consumer rights to access information
What are exemptions?
1. Confidential commercial information, including algorithms used for credit scores or risk scores. 2. Information collected for fraud prevention, money laundering detection, or reporting unlawful conduct. 3. Information required to be kept confidential by other laws. 4. Information that cannot be retrieved in the ordinary course of business.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
U.S. Federal Government