fintech / news / / Forbes
The Consumer Financial Protection Bureau is asking stakeholders for their input before it reworks an open banking rule.
The CFPB is soliciting public input on revising the open banking rule regarding consumer financial data access.
KEY POINTS
- JPMorgan has announced it will impose significant fees for data access, prompting similar considerations by other banks.
- The CFPB is considering whether to implement a price cap on bank fees for fintech data access.
- The agency’s solicitation document outlines 36 specific questions including who bears the cost of data transfers.
- This is the first step post-federal court approval for the CFPB to rewrite the open banking rules.
COMPANIES
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