Relates to the accessibility of consumer financial data and the prohibition of fees for the transfer of such data to authorized parties

This New York bill, known as the New York Financial Data Rights Act, gives consumers and small businesses the right to access their financial data from banks and other financial institutions in a secure, electronic format that can be easily transferred to other systems. It requires financial institutions to provide this data, which includes transaction history, account balances, and payment information, without charging any fees for access or transfer. The law also establishes rules for third parties authorized to request data on behalf of consumers, mandates security standards for data sharing, and creates enforcement mechanisms through the state's financial services superintendent.