CFPB to Play Peacemaker in Battle for Consumers’ Financial Data
CFPB to Play Peacemaker in Battle for Consumers’ Financial Data
Nov. 27, 2020, 2:04 PM
Bank, fintechs have clashed for years on access to consumer data
Bank transaction data a rich trove for new financial products
The CFPB is ready to shape the next phase of open banking in the U.S. as it develops standards for how vast amounts of consumer financial data is shared among banks, fintech apps, and data transfer companies.
Financial data sharing has been largely left in private-sector hands, but the Consumer Financial Protection Bureau has started the process for crafting rules that would cover a host of issues, including consumer privacy, data breach liability, and how much information can be shared.
Banks want their customers to be informed and control how their account data is collected, stored, and ultimately shared with...
Nov. 27, 2020, 2:04 PM
Bank, fintechs have clashed for years on access to consumer data
Bank transaction data a rich trove for new financial products
The CFPB is ready to shape the next phase of open banking in the U.S. as it develops standards for how vast amounts of consumer financial data is shared among banks, fintech apps, and data transfer companies.
Financial data sharing has been largely left in private-sector hands, but the Consumer Financial Protection Bureau has started the process for crafting rules that would cover a host of issues, including consumer privacy, data breach liability, and how much information can be shared.
Banks want their customers to be informed and control how their account data is collected, stored, and ultimately shared with...
