CFPB eyes open banking with financial data rights rule proposal

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.”