CFPB to Propose Data Rationing on Fintechs in Open Banking Plan
10 hours ago
- #CFPB
- #fintech-regulation
- #open-banking
- Consumers can share bank account and credit card data with fintech companies for free under a new CFPB open banking proposal.
- Fintechs will have to pay banks for data access after a certain number of customer data pulls, with fees determined by the CFPB.
- The proposal is a revision of a Biden-era regulation and is expected to be released as soon as next month.