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The CFPB released its proposed rule Thursday, which would implement a section of the Dodd-Frank Act requiring financial institutions to share certain specific consumer financial data with third parties if the consumer says so.

According to the CFPB, the rule would apply to credit unions, banks, card issuers and other “payment facilitation providers” to hand over the financial data of consumers or members to a third party. CFPB Director Rohit Chopra said he believes the proposed rule would “give consumers the power to walk away from bad service and choose the financial institutions that offer the best products and prices.”

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Michael Ogden

Editor-in-Chief for CU Times. To connect, email at [email protected].

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