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Consumer Financial Protection Bureau Director Rohit Chopra will speak at FinTech Week in Washington, D.C., on Wednesday
The Bureau finally determined Personal Financial Information Rights Rules On Tuesday, a measure required financial services companies to unlock an individual’s personal financial data and then transfer it to another provider at no charge at the customer’s request.
The rules will apply to data related to a range of products, from bank accounts and credit cards to payment apps and mobile wallets. The bureau said it will also allow customers to more easily compare for better deposit or credit rates.
“By allowing consumers to consent to their personal financial data and make it more seamless over time, people can more easily sign up, switch accounts and take their financial history with them,” Chopra said on Tuesday. . prepared speech at the Federal Reserve Bank of Philadelphia.
The CFPB’s new rules drew mixed reviews from trade groups. The American Bankers Association is concerned about Data security,and FinTech Association The regulator, whose members include Plaid and PayPal, said the regulations “will increase competition, improve consumer choice and drive momentum for future innovation to the benefit of customers.”
