The Consumer Financial Protection Bureau has received more than 11,000 comment letters on its proposal on personal financial data rights, but banks say the agency should ensure that more fintech partners take on their fair share of the rule's compliance burden.| 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