Bloomberg Law
Oct. 27, 2022, 5:45 PM

US Banks Face Fresh Push to Share Client Data with Fintech Firms

Katanga Johnson
Evan Weinberger
Bloomberg Industry Group

The top US consumer watchdog is moving ahead with a long-delayed rule to require traditional banks to loosen their grip on client data.

The Consumer Financial Protection Bureau on Thursday released an outline of a draft plan to make it easier for Americans to access their personal financial information held by banks and share it with third parties, including financial-technology firms. The regulation, which was required by the 2010 Dodd-Frank Act, has been bogged down by privacy concerns and opposition from the banking industry.

The CFPB’s move is a first step in a years-long process that could ultimately let unhappy ...

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