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Banks Brace for Era of Consumer Data Sharing
News October 22, 2024 at 02:21 PM
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What You Need To Know
- The CFPB says bank clients will be able to demand, download and transfer their highly-coveted data to other financial firms for free.
- The final rule should cover checking and prepaid accounts, credit cards and digital wallets, but not mortgages, student loans or car loans.
- Many firms have already signed data-sharing deals rather than have consumers share user names and passwords with third parties.
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