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

This bill, known as the New York Financial Data Rights Act, requires financial institutions in New York to provide consumers and small businesses with access to their financial data in a secure, electronic format that can be easily transferred to other systems. The law mandates that banks and other data providers must share specific account information, including transaction history, balances, and account details, without charging any fees for this data access or transfer. Financial institutions must also maintain standardized interfaces to handle these requests and cannot unreasonably deny access, while authorized third parties must obtain explicit consent and follow strict security and data usage rules. The bill is enforced by the New York Superintendent of Financial Services, who can impose penalties for violations including improper fee charging or unreasonable data access restrictions.