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Rohit Chopra, director of the Consumer Financial Protection Bureau, will speak Wednesday at DC Fintech Week in Washington, D.C.
The bureau finalized its personal financial data rights rule on Tuesday, a measure that would require financial services firms to unlock an individual’s personal financial data and then transfer it for free to another provider at the request of the customer.
The rule would apply to data associated with a range of products, spanning from bank accounts and credit cards to payment apps and mobile wallets. The bureau said it would also allow customers to comparison shop more easily for favorable rates on deposits or credit.
“By allowing consumers to permission their personal financial data, and make it over time more seamless, people can more easily sign up, switch accounts and take their financial history with them,” Chopra said Tuesday in prepared remarks at the Federal Reserve Bank of Philadelphia.
The CFPB’s new rule garnered mixed reviews from trade groups. The American Bankers Association raised concerns around data security, while the Financial Technology Association — whose members include Plaid and PayPal — said the regulation “will increase competition, improve consumers’ choices, and drive momentum for future innovations that benefit customers.”