CFPB Weighs Data Access Fees for Fintechs
CFPB Weighs Data Access Fees for Fintechs #
The Consumer Financial Protection Bureau is working on a new open banking proposal that would let consumers continue sharing bank account and credit card data with fintech companies for free. Under the plan, banks could charge fintechs after a certain number of customer data pulls
The proposal would revise a Biden-era open banking rule and could affect the economics of data access between banks, fintechs and data aggregators. The details are still incomplete, including how many free data pulls would be allowed before fees could apply.
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