CFPB proposes Personal Financial Data Rights

The U.S. Consumer Financial Protection Bureau filed a Notice of Proposed Rulemaking for open banking that includes proposed rules concerning financial data. The proposed Personal Financial Data Rights rule includes consumer consent for third-party access to data with the aim of providing "robust protections to prevent unchecked surveillance and misuse of data" and to "move away from risky data collection practices." The comment period on the NPR closes 29 Dec.