WASHINGTON, Aug 21 (Reuters) - The U.S. Consumer
Financial Protection Bureau on Thursday kicked off a do-over of
its "open banking" regulations governing consumer control over
the sharing of personal data between banks and the burgeoning
financial technology sector as the two industries feud over
proper controls and access.
The decision
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.
The Trump administration initially told a court it supported
banking industry calls to strike down the
Biden
regulations but