Consumer Financial Protection Bureau Director Rohit Chopra joins 'Squawk Box' to discuss a new rule requiring financial institutions to share customer data with other providers at customer request for free, how the new rule would improve competition in the banking space, privacy protection concerns, and more.| CNBC
The Consumer Financial Protection Bureau's proposal would give consumers a legal right to grant third parties access to financial data for a specific use, but firms cannot sell the data or use it for their own benefit — including by feeding it into algorithms or artificial intelligence.| American Banker
Banks are concerned about the lack of clarity regarding legal liability in the Consumer Financial Protection Bureau's open banking rule, and fear that they will end up on the hook for data breaches or unauthorized transactions caused by a fintech or data provider.| American Banker
The Consumer Financial Protection Bureau expanded the scope of the 1033 rule to include payment apps, provides for some secondary uses of data, and extends the timeline for compliance.| American Banker
