Banks Brace for Era of Consumer Data Sharing

What You Need To Know

• The CFPB says bank clients will be able to demand, download and transfer their highly-coveted data to other financial firms for free.
• The final rule should cover checking and prepaid accounts, credit cards and digital wallets, but not mortgages, student loans or car loans.
• Many firms have already signed data-sharing deals rather than have consumers share user names and passwords with third parties.