CFPB to Require ‘Secure Channels’ for Sharing Customer Accounts

The CFPB plans to require banks and other companies set up secure channels for customers to share their account data and other sensitive personal information, an effort to boost competition in digital financial product offerings.

The data sharing proposals, which are intended to allow customers to more easily switch providers, will be outlined in a new Consumer Financial Protection Bureau discussion guide that will be released later this week, agency director Rohit Chopra said Tuesday at an industry conference in Las Vegas.

The CFPB expects to release a formal proposal for its data sharing rule in 2023 and a final ...