The Personal Financial Data Rights rule would ensure consumers' legal right to their checking and prepaid account, credit card and digital wallet history and require fee-free data sharing among financial institutions, according to a release.
It also includes restrictions on the monetization of sensitive consumer data by banks and tech companies and permits customers to revoke access to their data.
"When it comes to our financial lives, a handful of very large banks and financial firms control much of the market," CFPB Director Rohit Chopra told reporters Thursday.
If adopted, the rule would reactivate a statute of the 2010 Dodd-Frank Act tasking the CFPB with ensuring fair competition for consumer financial products.
Biden "encouraged the CFPB to consider issuing rules to make it easier for consumers to take their financial data to a new financial services provider," Brainard told reporters Thursday.
Persons:
Rohit Chopra, Dodd, Biden, Chopra, Lael Brainard, Joe Biden's, Brainard
Organizations:
Financial, WASHINGTON, Consumer Financial, Frank, National Economic Council, CNBC
Locations:
U.S