The Consumer Financial Protection Bureau is due to propose in October a long-awaited rule on consumers' control of their banking data, its director said Wednesday. The rule was initially called for under 2010's sweeping Wall Street reform law.
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CFPB "open banking" proposal due in October
"We want to make sure that standards are giving the ability for consumers and all market participants...to switch," said CFPB Director Rohit Chopra. "When a consumer has the power to vote with their feet, you'll see how our system will give them better service as well."
