CFPB urged to strengthen open banking data protection safeguards

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The Consumer Financial Protection Bureau’s planned new open banking rules do not go far enough to protect consumer data, say two industry groups.

To increase competition in the US banking and payments industry, the CFPB unveiled its eagerly anticipated open banking rule in October. This rule would force consumer financial service providers to share user-selected data with other businesses in the ecosystem that provide more alluring goods and services.

The Clearing House Association and Bank Policy Institute, however, contend in response to the recommendations that they fall short in safeguarding sensitive consumer financial data or mandating data recipients to abide by the regulations.

Read More: CFPB urged to strengthen open banking data protection safeguards

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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