The White House said it wants to make it easier and cheaper for people to switch banks. But that same idea has been on the government’s table for more than a decade and made little progress.
President Biden’s office on Friday said it “encourages the Consumer Financial Protection Bureau to issue rules allowing customers to download their banking data and take it with them” from bank to bank. That directive was part ofThe CFPB already was given the authority to write such rules in the 2010 Dodd-Frank Act. One brief portion, Section 1033, established that banks and other financial firms shoulddata on their transactions, charges and other account details.
That kind of data had long been siloed at individual banks. By making it more shareable, consumers could gain the ability to better keep track of their spending and compare costs of credit cards and other financial products. But the CFPB has been slow to implement that part of the legislation, even when top officials were supportive of the section’s goals.
Source: Financial Digest (financialdigest.net)
Because the regulators have been more focused on institutional controls than consumer services since this bureau was formed. Just ask Joe Manchin, who's been on both sides of support for/against the Dodd-Frank Wall Street Reform and Consumer Protection Act act that created this.
Maybe it’s me, but aren’t there like 3 million more important things the WH could focus on
'If at first you don't succeed...'
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