The CFPB's Personal Financial Data Rights rule would require banks and other financial services providers to make data related to consumers' transactions and accounts available to approved third parties. If enacted, the new rules would also enable consumers to more easily switch between banks and other financial services providers, while also protecting their data from misuse.
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CFPB proposes open banking regulations
"With strong data protections to prevent misuse and abuse of personal financial data ... this 2010 legal provision ... can lead to a more open and decentralized banking and finance system where consumers can more easily switch, escape junk fees, and obtain better service," CFPB director Rohit Chopra said in a statement.
