A coalition of fintech, crypto, and retail trade organizations has called on the U.S. Consumer Financial Protection Bureau (CFPB) to implement a robust open banking rule. The group emphasizes the importance of consumer ownership and control over financial data, urging the CFPB to finalize the Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act. The coalition's letter highlights the need for clear consumer data rights and opposes data access fees that could stifle market competition. They argue that a strong rule is crucial for fostering a competitive and innovative financial services ecosystem.
Fintech and Crypto Groups Push for Strong Open Banking Rule by CFPB
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