Banking Law News

CFPB to Play Peacemaker in Battle for Consumers’ Financial Data

Nov. 27, 2020, 2:04 PM

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...

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