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Rohit Chopra, director of the Consumer Financial Protection Bureau, will speak at DC Fintech Week in Washington, DC on Wednesday
The agency has completed its investigation personal financial data rights rule on Tuesday, a measure that requires financial service providers to unlock an individual’s personal financial data and then transfer it to another provider for free at the customer’s request.
The rule would apply to data associated with a range of products ranging from bank accounts and credit cards to payment apps and mobile wallets. The agency said it would also allow customers to more easily compare stores for favorable rates on deposits or credits.
“Giving consumers consent to their personal financial information, and making it more seamless over time, will make it easier for people to sign up, switch accounts and take their financial history with them,” Chopra said Tuesday in comments prepared at the Federal Reserve Bank of Philadelphia.
The CFPB’s new rule received mixed reviews from trade groups. The American Bankers Association has expressed its concerns data securitywhile the Association for Financial Technology – whose members include Plaid and PayPal – said the regulation will “increase competition, improve consumer choices and drive momentum for future innovations that will benefit customers.”