CFPB Issues First Recognition Order Under Personal Financial Data Rights Rule
The Consumer Financial Protection Bureau will recognize the Financial Data Exchange as a standard-setting body under the Personal Financial Data Rights rule, the CFPB said Wednesday.
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The 2024 rule requires financial institutions, credit card issuers and other providers to unlock and transfer consumers’ personal financial data at their request for free. Wednesday’s order, in effect for five years, is the first to be issued under the rule. FDX operates in the U.S. and Canada.