The Consumer Financial Protection Bureau's proposal would allow for the fee-free transfer of financial data between competing banks.
The Consumer Financial Protection Bureau proposed a new rule aimed at increasing competition among financial institutions.
"When it comes to our financial lives, a handful of very large banks and financial firms control much of the market," CFPB Directortold reporters Thursday. "This has left many families with fewer viable options, and many people feel stuck to the provider they signed up for years and years ago."with ensuring fair competition for consumer financial products.
Some banks also pay as little as 0.01% interest on bank accounts, he added, while competitors offer much higher rates. The rule would exempt smaller banks and credit unions that have no digital interface with their customers.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.
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