We can actually do something about this. We have the opportunity to change that with the open banking rule to really empower consumers to decide how their financial data is used and shared. The Consumer Financial Protection Bureau Open Banking rule would allow consumers to not only share financial information with platforms to pay your rent or bills, like many already do, it would also allow consumers to take their financial history with them to other banks and have the choice to make decisions that work best for them. It would empower consumers. Ms. McCleary, what should the everyday person understand about the move toward open banking and how it would benefit them when they want to purchase a home, retire or start a business, for example? (01:35–01:55)
CLAIM
Asserts that the CFPB Open Banking rule would enable consumers to share financial information and transfer financial history between banks.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
