The White House issued a directive, wanting to make it easier and more cost effective for consumers to switch banks. President Biden’s office on Friday said it “encourages the Consumer Financial Protection Bureau (CFPB) to issue rules allowing customers to download their banking data and take it with them” from bank to bank. The CFPB has had the authority to write rules like this since the 2010 Dodd-Frank Act. What the next steps look like for both financial institutions and consumers going forward.
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