The American Financial Services Association, Bank Policy Institute, the Consumer Bankers Association and the U.S. Chamber of Commerce write to raise concerns and request clarification about certain aspects of the Consumer Financial Protection Bureau’s (CFPB) recent Advisory Opinion (AO) released on October 11, 2023 “regarding section 1034(c) of the Consumer Financial Protection Act (CFPA), which requires large banks and credit unions to comply in a timely manner with consumer requests for information concerning their accounts for consumer financial products and services, subject to limited exceptions.”  Enforcement of these new obligations, including setting forth an “unreasonable impediments” standard and pursuing monetary relief, would likely require the CFPB to first establish these new requirements via notice and comment rulemaking under the Administrative Procedure Act (APA).