{"id":1194368,"date":"2023-10-19T18:00:00","date_gmt":"2023-10-19T22:00:00","guid":{"rendered":"https:\/\/www.prime-wow.com\/?p=1194368"},"modified":"2023-10-19T18:00:00","modified_gmt":"2023-10-19T22:00:00","slug":"cfpb-moves-to-bar-financial-firms-from-hoarding-a-consumers-data","status":"publish","type":"post","link":"https:\/\/www.prime-wow.com\/?p=1194368","title":{"rendered":"CFPB Moves To Bar Financial Firms From 'Hoarding' a Consumer's Data"},"content":{"rendered":"

An anonymous reader quotes a report from Politico: The Consumer Financial Protection Bureau on Thursday released a landmark proposal restricting how financial institutions handle consumer data. […] The proposed rule — which faces months of feedback and lobbying from industry and consumer groups before it’s approved — would bar financial firms from “hoarding” a consumer’s data, the agency said. It would require companies to share information, at a customer’s request, with other businesses offering competing products and prevent them from charging for it.<\/p>\n

Banks would be required to make personal financial data available to consumers free of charge, and companies that access a person’s data would not be able to use it for targeted advertising. Access to a person’s data would have to be reauthorized annually, and consumers would have the right to revoke access at any time. The proposal, which implements Section 1033 of the 2010 Dodd-Frank law, also “seeks to move the market away from risky data collection practices” such as screen scraping, the CFPB said. “It is often really daunting for a consumer to switch banks, in part because it’s difficult to take their financial transaction history data to a new bank,” White House National Economic Council Director Lael Brainard said on a call with reporters. “Today’s rule will help ensure financial companies compete based on service quality and pricing.”<\/p>\n

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Read more of this story<\/a> at Slashdot.<\/p>\n


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\nSource: Slashdot – CFPB Moves To Bar Financial Firms From ‘Hoarding’ a Consumer’s Data<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

An anonymous reader quotes a report from Politico: The Consumer Financial Protection Bureau on Thursday released a landmark proposal restricting how financial institutions handle consumer data. […] The proposed rule — which faces months of feedback and lobbying from industry … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1194369,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[101,110],"tags":[100],"class_list":["post-1194368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-slashdot","category-unfiltered-rss","tag-slashdot"],"_links":{"self":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts\/1194368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1194368"}],"version-history":[{"count":0,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts\/1194368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/media\/1194369"}],"wp:attachment":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1194368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1194368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1194368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}