The new rules will allow customers to transfer their bank data to another bank or allow third-party apps to access it without having to pay fees or clear other hurdles designed to make such moves difficult. This could, in turn, reshape the consumer finance landscape by making it easier for upstart tech companies offering services ranging from digital wallets to financial-management tools to gain access to consumer data that has long been tightly held by banks.
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Consumer finance watchdog finalizes ‘Open Banking’ rules aimed at driving competition
“Too many Americans are stuck in financial products with lousy rates and service,” CFPB Director Rohit Chopra said. “Today’s action will give people more power to get better rates and service on bank accounts, credit cards and more.”
