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International Business Times
International Business Times
National
Vidhya Ck

New 'Open Banking' Rule Enhances Consumer Choice, Simplify Switching Financial Services

CFPB Rohit Chopra United States
Consumer Financial Protection Bureau's (CFPB) "open banking" is rule designed to uphold consumer rights, as established by the Consumer Financial Protection Act of 2010. (Credit: Pexels.com/Erik Mclean)

The top U.S. consumer finance watchdog announced a new "open banking" rule to help consumers easily switch between financial services providers by enabling free sharing of personal data between fintech firms and traditional banks, requiring them to unlock and transfer data at the consumer's request, while also enhancing consumer rights, privacy, and security.

The Consumer Financial Protection Bureau's (CFPB) "open banking" rule is designed to uphold consumer rights, as established by the Consumer Financial Protection Act of 2010.

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