Page 21 - Cfpb News Today : Breaking News, Live Updates & Top Stories | Vimarsana

A new proposal for U.S. consumers may simplify moving financial data among service providers. The proposal aims to create competition between fintech and traditional bank sectors. CFPB Director Rohit Chopra believes the proposal would enable consumers to switch providers easily. Open banking could promote expansion in payments, investment, lending, financing, and savings industries. The U.S. is lagging behind European countries and Britain in implementing open banking regulations.

The proposed rule would bar financial firms from “hoarding” a consumer’s data.

What took place this week in the credit card and payment industries

CFPB Director Rohit Chopra discusses upcoming mortgage servicing rulemaking, the agency's funding structure, whether there's a microscope on the mortgage industry & more.

Biden's agencies are threatening banks with federal investigations if they do not grant cheap loans to risky illegal immigrants.