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First, we expect to propose requiring financial institutions offering deposit accounts, credit cards, digital wallets, prepaid cards, and other transaction accounts to set up secure methods, like APIs, for data sharing. Importantly, a more open market will also make sure consumers won’t have to start from scratch. For example, Americans often use their deposit account history as a life ledger – it is a written record that keeps track of payments and deposits, which can be helpful for taxes, for disputes with merchants, or insurers, and for other purposes. By allowing consumers to transfer their ledger to a new institution, the rule could make switching institutions easier – you won’t need to maintain a relationship with your bank to maintain your written record. Financial regulators have largely complied with what dominant incumbents desire by writing complicated rules to fit existing business models. Much of it involves financial institutions handing consumers a lot of fine print that they may not even read, like those financial privacy notices companies send.
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In today’s market, consumers can often permit access to their financial information through data brokers, sometimes referred to as data “aggregators.” But the broader overall regime is broken because consumer access is based on a set of unstable and inconsistent norms across market participants. Ideally, these rules are bright lines that require a minimal number of lawyers who bill by the hour. While we expect to cover more products over time, we are starting with these ones. Through these transaction accounts, the rule will be able to facilitate new approaches to underwriting, payment services, personal financial management, income verification, account switching, and comparison shopping.
When markets aren’t competitive, we feel that we need to buy additional services from a provider we already worked with. Around the world and here at home, financial services are slowly moving toward open banking and open finance. A more decentralized and neutral consumer financial market structure has the potential to reshape how companies compete in the sphere.
Octavia Spencer’s Orit Entertainment Enters First-Look Deal With Skydance Television (Exclusive)
Bankrupt cosmetics giant Revlon Inc on Monday reached a restructuring agreement which would turn over ownership of the company to its lenders and wipe out current shareholders. Financial services are an essential part of our economic plumbing, and we will be working to let the market expand and develop new ways to help Americans live their lives to the fullest. Rather than rely on black-box models that people can’t make sense of, lending can move back to real-world data about someone’s ability to pay back a loan. This will eliminate bias and reliance on credit scores and other proxies. Fourth, more switching would lead to greater efforts by firms to maintain or win customer loyalty. If successful, it will also reduce the ability for incumbents to build moats and for middlemen to serve as gatekeepers.
We are at our best when our laws and rules facilitate seamless switching, reduce barriers to entry, eliminate conflicts of interest, and prevent infrastructure providers from denying access to critical networks. Through that process, we’ll hear from small banks and financial companies who will be providers of data, as well as the small banks and financial companies who will ingest the data. We will also gather input from the “fourth parties,” the intermediary data brokers that facilitate data transfers. Second, we will be looking at a number of ways to stop incumbent institutions from improperly restricting access when consumers seek to control and share their data. Large incumbents will find their customers to be less “sticky” and easier to “poach.” They’ll also find it harder to impose junk fees and harvest personal financial data for their exclusive use. People would feel secure knowing that both the data holder and the data receiver follow secure practices.
Zac Efron's Holiday Gift Guide Is Perfect for Everyone on Your Shopping List
For Americans to be confident that they have the consumer financial product that is right for them and their specific needs, they should be able to share their data readily, but safely. But, having been created in the nineties, the site was well due for an overhaul. And with this update, not only can you easily create and share polls, but you can find helpful information on polls, surveys, statistics, helpful articles, and resources, and participate in The Pollsters Forum. Starting here will also mean that our jumping-off point is where industry infrastructure for consumer-authorized financial data sharing has already begun to take shape. For example, even when large institutions that share personal data with their customers use APIs, there is no guarantee those institutions don’t play games on availability, latency, and critical data points, like price.
Of course, many actors have sought to obtain, and in some cases successfully grabbed, more control. Threats to openness have come from browsers, operating systems, app stores, infrastructure providers, and others that already have scale or provide a must-have component. We are exploring ways to ensure that when consumers share their data for a specific use, that is the only use it will be used for. We know this will be a challenge, given how difficult it is to enforce restrictions, like purpose limitations and data deletion requirements.
Then, I will describe what some of the features of a more open and competitive market would look like, along with where individual consumers and new firms will have more leverage and opportunities. I’ll then outline some details about where we are headed, as well as what we are hoping to avoid. I’ve asked that our staff look at alternatives to the so-called notice-and-opt out regime that has been the standard for financial data privacy. For example, the longstanding Gramm-Leach-Bliley Act privacy rules don’t give consumers meaningful control over how their data is being used.
One reason that the current ecosystem is unstable is that many companies currently access consumer data through activities like screen scraping. However, such methods are not secure, and they are likely not sustainable, especially as data security standards potentially evolve to a point that such activities may become blocked. Likewise, nascent firms would be able to use data permissioned by consumers to improve upon and customize, to provide greater access, and to develop products and services. Under the current regime, nascent firms often find themselves in the position of needing to curry favor with big market players.
And, this will lead to more shopping by consumers both because they have the leverage to walk away and because they will have access to more tailored products and services. In an open and competitive market, it is easy for individuals to fire, or walk away from, their financial provider for whatever reason. For example, for most consumers, changing a bank account is a huge pain. Direct deposits need to be reset, as do scheduled payments linked by ACH or debit card. And consumers need to take these actions, while managing day-to-day liquidity issues. Our rule will facilitate third party companies that offer services to make switching recurring payments easier.
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Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. If you want to republish the article or have questions about the content, please contact the press office. Data can be monetized in nefarious ways or even used by state and non-state actors. While Americans are becoming numb to routine data breaches, including massive ones like the Equifax failure, we know that more needs to be done to stop this underworld from intercepting even more highly sensitive personal data. At the CFPB, we are shifting away from this approach, and instead, we are looking to create catalysts for more competition. Community members can learn how to find their old forums and polls when they register and view our Off-Topic section.
The Federal Communications Commission’s number portability rules reduced switching costs by allowing customers to move their phone number to a new carrier. Decades before, the so-called Carterfone rules ensured that new devices could be interoperable with AT&T’s network, through standardized jacks and plugs, even if produced by third parties. Regulation of the financial services industry has a bad name, and rightfully so.
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