Speaking at the Money 20/20 conference. U.S. Consumer Financial Protection Bureau Director Rohit Chopra said new rules will allow for bank customers to obtain their financial data easier. The new rules will fall under Section 1033 of the Consumer Financial Protection Act and compels financial institutions “to share consumer data upon consumer request, empowering people to break up with banks that provide bad service,” he said. CFPB’s new rules, he said, would also tighten security of personal financial data to prevent unsecure screen-scraping of data and force banks to send personal information “via a secure method” to customers.
26 Oct. 2022
CFPB director: New rules will allow for more secure transmission of personal financial data
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