A new rule could make it easier to switch your bank.

New CFPB rule aims to make switching banks easier by requiring free ...Government watchdog CFPB introduces new rule to help consumers chang…

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What are new banking rules?

New banking rules are about to make it easier to shop around between competing providers of consumer financial services. The Consumer Financial Protection Bureau (CFPB), the government's consumer watchdog, finalized rules Tuesday requiring banks and other financial companies to transfer customer data to a new provider at the customer's request. ...

Could a new rule make it easier to switch your bank?

A new rule could make it easier to switch your bank. (Guess who hates it.) A new rule could make it easier to switch your bank. (Guess who hates it.) Federal regulators want to make it less of a pain to change your bank — but first, it looks like they’ll have to win a battle in court. ...

Will the new open banking rule change a lot?

For many consumers, the new open banking rule might not seem to change much at first glance. According to the CFPB, at least 100 million Americans already let third parties access their various financial accounts, using apps like Plaid to connect their banks and brokerages to personal budgeting software and services like TurboTax. ...

What is the CFPB's New Open Banking rule?

On Tuesday, the Consumer Financial Protection Bureau (CFPB) unveiled the final version of its highly anticipated open banking rule, which aims to create more competition between financial services companies by making it simpler for customers to transfer their personal data between them. ...

What does a new regulatory rule mean for consumers?

A new regulatory rule finalized this month by the Consumer Financial Protection Bureau aims to reduce that hassle and make it easier, more secure and always free for customers to switch accounts or to simply transfer or share their financial data from their banks, credit card issuers and other financial service providers upon request. ...

How would a new bank data privacy rule affect consumers?

The proposed rule would make it easier for consumers to terminate their relationship with banks and transfer their transaction data to another financial institution. It would also prohibit companies that receive data from misusing, or wrongfully monetizing, such financial information. ...