Market News
Oct 19 - U.S. consumers would be able to more easily transfer their data between financial services providers under a long-awaited Consumer Financial Protection Bureau proposal unveiled on Thursday that would boost competition between financial technology firms.
Currently, consumers face varying conditions for accessing their own financial data depending on lenders' policies, and a lack of industry norms that harms customers, according to the CFPB. Europe, Britain and other countries already have open banking laws. In the United States, Congress mandated the rule following the 2007-09 global financial crisis. The provision in the Dodd-Frank Wall Street reform law requires that"upon request" banks give customers access to their data, including transaction histories, costs and usage, and that the CFPB set rules for standardized data sharing.
Reuters reported last year that the CFPB had been grappling with how to handle consumer privacy and data protection issues created by the rule, particularly how Big Tech companies may use the data.
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