- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-10-19T18:59:00
The Consumer Financial Protection Bureau (CFPB) is moving forward its plan to give consumers more control over their personal financial data.
On Thursday, the CFPB proposed its personal financial data rights rule. The action builds upon a proposal outlined by the agency last year as part of its desire to accelerate the shift toward open banking.
“A more decentralized market structure will give consumers more control and minimize the ability for companies to take customers for granted,” said CFPB Director Rohit Chopra in a statement. “Our proposed rule builds on existing efforts in the industry today to promote decentralization.”
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Installment lender World Acceptance Corp. was the subject of the Consumer Financial Protection Bureau’s first use of a dormant legal provision allowing it to establish supervisory authority over more nonbank financial companies.
The Consumer Financial Protection Bureau is seeking greater authority to supervise the activities of companies that offer services like digital wallets and payment apps on par with how the agency oversees large banks, credit unions, and other financial institutions.
Eric Halperin, enforcement director at the Consumer Financial Protection Bureau, said his office will be adding 75 new full-time employees as part of an expansion of its efforts to protect consumers from misuse of their personal data.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
The U.K. Financial Conduct Authority apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
