Reported about 19 hours ago
The Consumer Financial Protection Bureau (CFPB) is currently reviewing nearly 14,000 public comments on a new open banking rule, which could permit banks to charge fees for access to personal financial data. Concerns have been raised about data misuse, fraud risks, and confusing consent processes, as many consumers share their data through open banking apps. The CFPB is under pressure to maintain data privacy safeguards from previous regulations amidst a legal challenge from banks advocating for fewer restrictions. The agency aims to finalize the new rule while balancing consumer protection and the interests of financial institutions.
Source: YAHOO