US Watchdog Unveils 'Open Banking' Rules for Consumer Data
Hey FinTech Fanatic!
The Consumer Financial Protection Bureau (CFPB) has officially launched long-awaited open banking rules aimed at shaking up the market by increasing competition among over 4,000 lenders.
These new regulations will make it easier for customers to link their bank accounts to newer financial apps, a major shift toward a more consumer-friendly financial ecosystem, aligning the US with the UK and Europe.
CFPB Director Rohit Chopra emphasized the impact: “Too many Americans are stuck in financial products with lousy rates and service... Today’s action will give people more power to get better rates and service on bank accounts, credit cards, and more.”
With these new rules in place, the US could see a surge in direct account payments and an increase in innovation among both banks and FinTech companies.
What do you think about these new regulations?
Stay tuned for more FinTech news coming your way.
Cheers,
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