A new regulatory rule finalized this month by the Consumer Financial Protection Bureau aims to reduce that hassle and make it easier, more secure and always free for customers to switch accounts or to simply transfer or share their financial data from their banks, credit card issuers and other financial service providers upon request.
“The problem the CFPB (rule) is addressing is the paperwork required of consumers to change accounts.
Financial providers must make this information available without charging fees.”The rule will also restrict how third parties may use and retain the data consumers request be shared.
Banks push backThe banking industry wasted no time in expressing its displeasure with the new rule — known as the personal financial data rights rule.
“Dodd-Frank only requires banks to provide financial data to consumers.
Persons:
it’s, ”, Adam Rust, Rohit Chopra, ” Rust, “, That’s, ” Chopra, Banks, Rob Nichols, —, ” Jaret, “ Dodd, Frank, ” Seiberg, Chopra, they’ve
Organizations:
CNN, Consumer Federation of America, Consumer Financial, Federal Reserve Bank of Philadelphia, American Bankers Association, Bank Policy Institute, Kentucky Bankers Association and, Cowen Washington Research Group
Locations:
Kentucky Bankers Association and Kentucky, Las Vegas