"Easy to Switch Banks"

This is a news story, published by Electronic Frontier Foundation, that relates primarily to The Consumer Finance Protection Bureau news.

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Electronic Frontier Foundation

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No matter what the bank says, it's YOUR money, YOUR data, and YOUR choice

Summary

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68% Informative

The Consumer Finance Protection Bureau has finalized a rule that makes it easy and safe for you to figure out which bank will give you the best deal and switch to that bank, with just a couple of clicks.

Under this rule, you can authorize a third party - another bank, a comparison shopping site, a broker, or just your bookkeeping software - to request your account data from your bank.

This data can include your transaction history and all the data needed to set up your payees and recurring transactions somewhere else.

The CFPB has had the authority to make a rule like this since its founding in 2010 .

The rule also regulates the third parties that can get your data.

It limits how they can use your data (strictly for the purposes you authorize) and what else they are allowed to do with it.

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

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