CFPB chief vows data-sharing rule will promote competition; Boost Mobile's bid to help the underbanked
CFPB Director Rohit Chopra aims to establish an "open banking" system that allows consumers to switch banks more easily without losing their financial data, and inject competition into the market of data aggregators.

CFPB chief vows data-sharing rule will promote competition; Boost Mobile's bid to help the underbanked

CFPB chief previews next steps in open-banking rulemaking: The rule, which is not due out until 2024, will promote competition among financial institutions and data aggregators, Consumer Financial Protection Director Rohit Chopra said at a fintech conference.

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CHESTER SWANSON SR.

Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer

2 年

Thanks for posting.

Thanh Pham, CFA, CPA

President & CEO at Cali Bank, N.A.

2 年

Conceptually the data sharing idea is great. But how will they execute this?

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