"Empowering Consumers: CFPB's Drive for Greater Financial Data Control"
The Consumer Financial Protection Bureau (CFPB) has proposed a new rule called the Personal Financial Data Rights rule, which aims to increase competition among banks by allowing consumers to have more control over their financial data. The rule would require banks to transfer customer data upon request and enable fee-free data sharing among financial institutions. It also includes restrictions on the monetization of sensitive consumer data and allows customers to revoke access to their data. The CFPB believes that this rule will promote fair competition, provide consumers with more options, and help them obtain better services. The rule is open for public comments until December 29 and is expected to be finalized by next fall.
