Revised open banking proposal to consider allowing banks fees for consumer data use

1. 1A CFPB open banking rule under review by the White House is expected to allow banks to charge fees for consumer data access
2. 2The Trump administration's proposal reportedly includes a provision that would let banks collect volume-based fees when fintechs exceed a set number of requests
3. 3Critics argue the costs would be passed on to consumers and would also conflict with fintech innovation and the administration's financial innovation drive

Source Zero Hedge +1 · View original ↗

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