Banks Must Share Data With Rivals Under CFPB Proposed Rules (1)

The top US consumer watchdog rolled out rules that would make it easier for Americans to access their personal information held by banks and use it to switch to a new provider, including upstart financial-technology firms.

The long-awaited “open banking” rules were formally proposed Thursday by the Consumer Financial Protection Bureau. The changes will encourage banks to provide better service, and make it simpler for customers to go elsewhere, CFPB Director Rohit Chopra said in a statement.

“Consumers would have control over data about their financial lives and would gain new protections against companies misusing their data,” the agency ...