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The Consumer Financial Protection Bureau (CFPB) has proposed a controversial rule regarding personal financial data rights. The rule aims to promote open banking and give consumers more control over their financial information. The CFPB has been praised for its effectiveness in regulating the financial industry, with over $17 billion returned to consumers in the past 12 years. The proposed rule is seen as a way to encourage competition among banks and improve customer service. The CFPB's rule has garnered support from organizations like EFF, who believe that easier bank switching will lead to better treatment of customers.
The CFPB's Personal Data Financial Rights Proposed Rule, Part 1 https://t.co/yzsPMqboKw | by @Cadwalader
The easier it is to leave your bank, the better they’ll have to treat you - or you’ll take your business elsewhere. That’s why we’re so excited about the new bank data rules proposed by @CFPB. https://t.co/wVfkwJf0Fw
CFPB Proposes Financial Data and Open Banking Rule https://t.co/36rSRmOOtn
With more than $17 billion back in the pockets of victimized consumers in just 12 years, the @CFPB has been one of the most effective financial regulators in history at policing bad actors in the financial industry. https://t.co/PRG4CO7wTe https://t.co/hA9L2baoiL
CFPB Proposes Financial Data Rights Rule to Promote Open Banking https://t.co/7IWJFrqzDR | by @cozen_oconnor
CFPB Proposes Controversial Personal Financial Data Rights Rule https://t.co/1PBcu0tt8r | by @whitecase