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CFPB's open banking rules for consumer data unveiled by US watchdog

Business Standard LogoBusiness Standard1w ago

CFPB's open banking rules for consumer data unveiled by US watchdog - Business Standard

Quick Summary:

CFPB Director Rohit Chopra compared the new rule to regulations that now allow mobile phone users to switch providers while keeping the same number, and said the change should help bring US payments systems more in line with advances in other developed countries.

Republican chair of the US House Financial Services Committee Patrick McHenry welcomed the announcement, calling for Congress to codify the new rule's protections into law."This is progress for American innovation and consumers but we can't stop here," he said in a statement.

The top US consumer finance watchdog on Tuesday unveiled long-awaited rules that would make it easier for consumers to switch between financial services providers, a move the agency said was aimed at boosting competition.

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Category: BusinessFinance

Markets:

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Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-23 @ 10:06:21 (1 weeks ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 610 words

Reading Time: 4 minutes read

Sentences: 20 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23211230

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