US consumer watchdog kicks off redo of 'open banking' rules on customer data
The decision marked an about-face amid public pressure from fintech firms and crypto entrepreneurs whose fortunes have soared since President Donald Trump returned to the White House this year.
The watchdog asked numerous questions on how best to implement the consumer data rules -- now 15 years in the making and prescribed as part of the 2010 Dodd-Frank financial reform legislation -- requiring that banks give consumers access to their own financial data, including account information, transactions, usage and fees "upon request."
The regulations were previously completed by the Biden administration, earning a legal challenge from the banking industry who opposed that version, citing risks to consumer data security.
Former CFPB Director Rohit Chopra said in October that the regulations would let consumers switch banks with the same ease as switching telephone companies, allowing comparison shopping for mortgages and accounts - with data shared free of charge.
The Trump administration initially told a court it supported banking industry calls to strike down the Biden regulations but in late July reversed course, saying that due to unnamed "recent events in the marketplace," it would replace the regulations with a version more to the administration's liking.
The backpedaling came after politically connected crypto entrepreneurs, including Tyler Winkelvoss and Donald Trump Jr., took to social media to denounce JPMorgan Chase over a Bloomberg report that the bank had informed fintech firms they would in fact have to pay potentially hefty fees for access to depositors' data, even though the pending Biden-era regulations still prevented this. In an earnings call in mid-July, JPMorgan chief Jamie Dimon said securely sharing customer data was costly.
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