CFPB Empowers Consumers to Switch Banks and Protect Financial Data

The Consumer Financial Protection Bureau (CFPB) has proposed a new rule, the Personal Financial Data Rights rule, aimed at giving consumers more control over their financial data and making it easier for them to switch banks. The rule would require financial institutions to share a person's data with third parties at their direction and prohibit the misuse or monetization of such information. It would also mandate that banks provide personal financial data to consumers through secure digital interfaces. The CFPB expects to finalize the regulation this fall after public comments.