[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6789 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6789

    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.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 12, 2018

  Mr. Meeks introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 A BILL


 
    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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Open Banking Study Act of 2018''.

SEC. 2. CONSUMER-AUTHORIZED FINANCIAL DATA STUDY.

    (a) Study.--The Board of Governors of the Federal Reserve System, 
the Bureau of Consumer Financial Protection, the Comptroller of the 
Currency, the Federal Deposit Insurance Corporation, and the National 
Credit Union Administration shall each carry out an independent study 
of their regulated entities' processes for allowing third parties to 
access consumer-authorized financial data.
    (b) Report.--Not later than the end of the 1-year period beginning 
on the date of enactment of this Act, each Federal agency required to 
carry out a study under subsection (a) shall submit an independent 
report to the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate containing--
            (1) a description of all findings and determinations made 
        in carrying out the study required under subsection (a); and
            (2) administrative and legislative recommendations that 
        would encourage consumer-authorized financial data sharing and 
        aggregation consistent with the agency's safety and soundness, 
        consumer protection, anti-money laundering, and cybersecurity 
        standards.
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