If a government watchdog has its way, it may be easier to fire your bank in the coming years. The Personal Financial Data Rights rule will improve consumer security and privacy, adding safeguards to financial information. The rule will also simplify the safe transfer of customer data, so if you don't like one bank's saving rate, for example, you can switch banks more easily.
The banking industry has tremendous control over consumer data under current law. Banks may crosssell or use consumer data for marketing, while consumers may be unable to revoke sharing permissions or are in the dark when it comes to knowing how their data is being used.
