Joker on Nostr: Consumer Finance Watchdog Finalizes ‘Open Banking’ Rules Aimed At Driving ...
Consumer Finance Watchdog Finalizes ‘Open Banking’ Rules Aimed At Driving Competition #gotbitcoin
The liberal think tank American Economic Liberties Project, meanwhile, called the rules a “massive win” for consumers. “Much like number portability in telecom, financial data portability will bring better prices and services to consumers by forcing big banks to finally compete for their business,” the AELP said.
Consumers will also be able to revoke access to their data immediately, the CFPB said. "A company that ingests a consumer's data can use the data to provide the product or service the consumer asked for, but not for unrelated purposes the consumer doesn't want", CFPB Director Rohit Chopra.
The move by the Consumer Financial Protection Bureau on Tuesday follows through on a promise by President Biden to make it easier for customers to download their financial data and take that with them to another bank.
In comment letters and meetings with the CFPB, groups such as the Bank Policy Institute had raised concerns about data security and liability in the event of any fraud or scam that results in the theft of a customer’s personal information. The groups have argued the rules risk jeopardizing the strong reputation banks have built around guarding customer data. “This isn’t open banking—it’s open season for more fraud and scams,” a JPMorgan Chase spokeswoman said.😹🤣😂
According to the CFPB, the rules would also allow consumers to borrow on better terms, for example by allowing lenders to issue loans using data held by other financial institutions, and to make payments directly from their bank accounts rather than by card.
The CFPB faces industry pushback on move to let customers share financial data between banks and link their accounts with apps.
Related:
* Bank Of America And Zelle Blame Each Other After Funds Disappeared From Some Accounts
* Wells Fargo, A Legal, Government-sanctioned Criminal Enterprise
* US Government Crypto Wallets Hacked For $20M — Arkham Intelligence
* Ultimate Resource For Money Laundering, Spoofing, Market-Rigging, Etc. In Banking Industry
* Wells Fargo To Pay Record CFPB Fine To Settle Allegations It Harmed Customers
* Violation Tracker For JP. Morgan Chase Amounts To Over $34 Billion Dollars
* Jeffrey Epstein Accusers Sue Jamie Dimon’s JPMorgan Chase For Enabling And Profiting From Sex Trafficking
* Ultimate Resource On California’s (And Other States, Countries) User Data Privacy Laws
* California Opens Privacy Probe Into Who Controls, Shares The Data Your Car Is Collecting
Remainder Of The Article: https://dpl-surveillance-equipment.com/miscellaneous/consumer-finance-watchdog-finalizes-open-banking-rules-aimed-at-driving-competition/
The liberal think tank American Economic Liberties Project, meanwhile, called the rules a “massive win” for consumers. “Much like number portability in telecom, financial data portability will bring better prices and services to consumers by forcing big banks to finally compete for their business,” the AELP said.
Consumers will also be able to revoke access to their data immediately, the CFPB said. "A company that ingests a consumer's data can use the data to provide the product or service the consumer asked for, but not for unrelated purposes the consumer doesn't want", CFPB Director Rohit Chopra.
The move by the Consumer Financial Protection Bureau on Tuesday follows through on a promise by President Biden to make it easier for customers to download their financial data and take that with them to another bank.
In comment letters and meetings with the CFPB, groups such as the Bank Policy Institute had raised concerns about data security and liability in the event of any fraud or scam that results in the theft of a customer’s personal information. The groups have argued the rules risk jeopardizing the strong reputation banks have built around guarding customer data. “This isn’t open banking—it’s open season for more fraud and scams,” a JPMorgan Chase spokeswoman said.😹🤣😂
According to the CFPB, the rules would also allow consumers to borrow on better terms, for example by allowing lenders to issue loans using data held by other financial institutions, and to make payments directly from their bank accounts rather than by card.
The CFPB faces industry pushback on move to let customers share financial data between banks and link their accounts with apps.
Related:
* Bank Of America And Zelle Blame Each Other After Funds Disappeared From Some Accounts
* Wells Fargo, A Legal, Government-sanctioned Criminal Enterprise
* US Government Crypto Wallets Hacked For $20M — Arkham Intelligence
* Ultimate Resource For Money Laundering, Spoofing, Market-Rigging, Etc. In Banking Industry
* Wells Fargo To Pay Record CFPB Fine To Settle Allegations It Harmed Customers
* Violation Tracker For JP. Morgan Chase Amounts To Over $34 Billion Dollars
* Jeffrey Epstein Accusers Sue Jamie Dimon’s JPMorgan Chase For Enabling And Profiting From Sex Trafficking
* Ultimate Resource On California’s (And Other States, Countries) User Data Privacy Laws
* California Opens Privacy Probe Into Who Controls, Shares The Data Your Car Is Collecting
Remainder Of The Article: https://dpl-surveillance-equipment.com/miscellaneous/consumer-finance-watchdog-finalizes-open-banking-rules-aimed-at-driving-competition/