From CNBC: 2024-10-23 10:40:34

Rohit Chopra, director of the Consumer Financial Protection Bureau, will be speaking at DC Fintech Week in Washington, D.C. The bureau finalized a new personal financial data rights rule requiring financial firms to transfer a customer’s data for free upon request, allowing for easier comparison shopping and account switching.

The rule covers data from bank accounts, credit cards, payment apps, and mobile wallets, aiming to boost competition and protect consumer privacy. The American Bankers Association expressed concerns about data security, while the Financial Technology Association supports the rule as a driver of innovation and increased consumer choices.

Read more: Watch CFPB Director Rohit Chopra speak at DC Fintech Week