Consumer Protection Watchdog Issues New Rule to Make Transfer of Personal Financial Data Free

Banking industry groups warn of overreach and costly implementation, with one saying the federal agency ‘far exceeds its statutory authority.’
Consumer Protection Watchdog Issues New Rule to Make Transfer of Personal Financial Data Free
A customer uses an ATM at a Wells Fargo Bank office in San Francisco on Feb. 7, 2019. Justin Sullivan/Getty Images
Chase Smith
Updated:
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The Consumer Financial Protection Bureau (CFPB) has issued a final rule the agency says is aimed at providing consumers with greater control over their personal financial data, promoting competition within the financial services industry, and improving customer service.

Under the “open banking” rule, consumers will be able to transfer their financial data, such as bank account information and transaction histories, from one provider to another for free, the agency said in a press release.
Chase Smith
Chase Smith
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Chase is an award-winning journalist. He covers national news for The Epoch Times and is based out of Tennessee. For news tips, send Chase an email at [email protected] or connect with him on X.
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