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Financial regulators have largely complied with what dominant incumbents desire by writing complicated rules to fit existing business models. Much of it involves financial institutions handing consumers a lot of fine print that they may not even read, like those financial privacy notices companies send. Through that process, we’ll hear from small banks and financial companies who will be providers of data, as well as the small banks and financial companies who will ingest the data. We will also gather input from the “fourth parties,” the intermediary data brokers that facilitate data transfers.
Because of the authorized data, companies will immediately know the products and services that could best fit their new customers’ needs. Buying a home is the biggest investment most people will ever make, but not all real estate agents are equal. Find out how the experience and training of a REALTOR® can help you get into your dream home. For instance, you can choose between mini rural farms/small farms for sale, old farms, abandoned farms for sale, and many more. Be sure to get in touch with a real estate agent who can offer detailed information about anything from new farmhouses to old farmhouses for sale near you and help you with your buying decision.
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For example, even when large institutions that share personal data with their customers use APIs, there is no guarantee those institutions don’t play games on availability, latency, and critical data points, like price. The Federal Communications Commission’s number portability rules reduced switching costs by allowing customers to move their phone number to a new carrier. Decades before, the so-called Carterfone rules ensured that new devices could be interoperable with AT&T’s network, through standardized jacks and plugs, even if produced by third parties.
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Ideally, these rules are bright lines that require a minimal number of lawyers who bill by the hour. If successful, it will also reduce the ability for incumbents to build moats and for middlemen to serve as gatekeepers. It will provide big advantages to those who provide the best products, service quality, and rates.
Then, I will describe what some of the features of a more open and competitive market would look like, along with where individual consumers and new firms will have more leverage and opportunities. I’ll then outline some details about where we are headed, as well as what we are hoping to avoid. The CFPB is subject to a rulemaking step that is unique among financial regulators. Before issuing a proposed rule, the CFPB must convene a panel of small businesses that represent their markets to provide input on our proposals. This week, we will be publicly releasing a discussion guide that small firms can weigh in on.
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However, such methods are not secure, and they are likely not sustainable, especially as data security standards potentially evolve to a point that such activities may become blocked. Likewise, nascent firms would be able to use data permissioned by consumers to improve upon and customize, to provide greater access, and to develop products and services. Under the current regime, nascent firms often find themselves in the position of needing to curry favor with big market players. I’ve asked that our staff look at alternatives to the so-called notice-and-opt out regime that has been the standard for financial data privacy. For example, the longstanding Gramm-Leach-Bliley Act privacy rules don’t give consumers meaningful control over how their data is being used. We will be developing requirements to limit misuse and abuse of personal financial data, as well as frauds and scams.
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Starting here will also mean that our jumping-off point is where industry infrastructure for consumer-authorized financial data sharing has already begun to take shape. Large incumbents will find their customers to be less “sticky” and easier to “poach.” They’ll also find it harder to impose junk fees and harvest personal financial data for their exclusive use. Today, I want to start off by talking a bit about the CFPB’s new approach to regulation.
A common point of concern across jurisdictions around the world is how unscrupulous actors will look to harvest and hoard consumer financial data as it increases in scale. The provisions provide for personal financial data rights for Americans, but would only have teeth after the CFPB defined the specifics through rules. Around the world and here at home, financial services are slowly moving toward open banking and open finance. A more decentralized and neutral consumer financial market structure has the potential to reshape how companies compete in the sphere. A competitive market would also lead to unbundling where companies compete on individual products, rather than relying on captive customers or cross-selling scams. When markets aren’t competitive, we feel that we need to buy additional services from a provider we already worked with.
In an open and competitive market, it is easy for individuals to fire, or walk away from, their financial provider for whatever reason. Direct deposits need to be reset, as do scheduled payments linked by ACH or debit card. And consumers need to take these actions, while managing day-to-day liquidity issues. Our rule will facilitate third party companies that offer services to make switching recurring payments easier. One reason that the current ecosystem is unstable is that many companies currently access consumer data through activities like screen scraping.
Specifically, we expect that the public will gain more bargaining leverage once data holding companies must share authorized consumer data with authorized third parties. And, this will lead to more shopping by consumers both because they have the leverage to walk away and because they will have access to more tailored products and services. These and other successful examples of regulation that decentralize market power are guiding our financial data rights rulemaking. With this in mind, here is what we think a more open and competitive market could look like.
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