Utopia Talk - Politics - CFPB protects consumers

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Utopia Talk / Politics / CFPB protects consumers

Im better then you
2012 UP Football Champ Thu Oct 19 21:35:41
The news has been very negitive recently but there are some cases of government doing something positive for the average American.

http://www...tricting-data-sharing-00122443

By KATY O'DONNELL and VICTORIA GUIDA

10/19/2023 03:38 PM EDT

The Consumer Financial Protection Bureau on Thursday released a landmark proposal restricting how financial institutions handle consumer data.

The long-awaited move — which would make it easier for consumers to switch banks and require greater data security from fintechs — is part of a sweeping campaign by the Biden administration to shore up consumer protection. That includes cutting down on so-called junk fees that cost consumers billions of dollars a year and scrutinizing the way big technology firms handle consumer information.It comes against the backdrop of a yearslong power struggle between traditional banks and fintech startups over the way consumer data is shared as more people use apps offering payment and budgeting services. The CFPB is trying to standardize the patchwork data-sharing system that has arisen in response.

“Today, we are proposing a rule to give consumers the power to walk away from bad service and choose the financial institutions that offer the best products and prices,” CFPB Director Rohit Chopra said.

Im better then you
2012 UP Football Champ Mon Nov 13 14:15:47
Really?!?!?! The government actually does its jobs and protects regular people and everyone ignores it.

murder
Member Mon Nov 13 15:36:42

What is it about this that you think is a big deal?

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Im better then you 2012 UP Football Champ	Thu Oct 19 21:35:41 The news has been very negitive recently but there are some cases of government doing something positive for the average American. http://www...tricting-data-sharing-00122443 By KATY O'DONNELL and VICTORIA GUIDA 10/19/2023 03:38 PM EDT The Consumer Financial Protection Bureau on Thursday released a landmark proposal restricting how financial institutions handle consumer data. The long-awaited move — which would make it easier for consumers to switch banks and require greater data security from fintechs — is part of a sweeping campaign by the Biden administration to shore up consumer protection. That includes cutting down on so-called junk fees that cost consumers billions of dollars a year and scrutinizing the way big technology firms handle consumer information.It comes against the backdrop of a yearslong power struggle between traditional banks and fintech startups over the way consumer data is shared as more people use apps offering payment and budgeting services. The CFPB is trying to standardize the patchwork data-sharing system that has arisen in response. “Today, we are proposing a rule to give consumers the power to walk away from bad service and choose the financial institutions that offer the best products and prices,” CFPB Director Rohit Chopra said.
Im better then you 2012 UP Football Champ	Mon Nov 13 14:15:47 Really?!?!?! The government actually does its jobs and protects regular people and everyone ignores it.
murder Member	Mon Nov 13 15:36:42 What is it about this that you think is a big deal?
	show deleted posts

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