League concerned with CFPB’s open banking proposal
Published by: Sean Brown
December 13, 2023 | Regulatory
As your credit union seeks new ways to serve your community’s people, families, and businesses, the Consumer Financial Protection Bureau’s (CFPB most recent proposed rule could alter financial services as we know it. To curb what the CFPB believes is a detriment to consumers, the proposal would require financial institutions and others to share information – at a customer’s request and no cost – with other businesses that offer competing products. The League is currently engaged with CUNA to develop a response and opposition to this proposed rule as cyber security continues to be jeopardized in the name of consumer protection. Credit unions may submit comments on the proposal through Dec. 29, 2023.
Contact Sean Brown for questions or assistance.