[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4047 Introduced in House (IH)]

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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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 25, 2019

  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 2019''.

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, jointly, carry out a 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, the Federal agencies required to 
carry out a study under subsection (a) shall submit a 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 agencies' safety and soundness, 
        consumer protection, and cybersecurity standards, and all 
        applicable laws and regulations.
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