Customer data

Bank trade groups have asked a federal court to halt enforcement and extend compliance dates for the Consumer Financial Protection Bureau's open banking rule that was enacted during the Biden administration. The move comes as the lobbying fight over how the rule will be rewritten intensifies.

The bank teller, Khalila Cooper, embezzled $34,000 over a six-month period. She has been banned from the banking industry for her "personal dishonesty," the Fed said.

The current system of communicating the terms and conditions of banking services fails everyone. Banks spend enormous resources on compliance theater while customers remain uninformed about their actual rights and risks.

The Trump administration has withdrawn from the Federal Register a proposed rule that sought to protect consumers from having their sensitive financial information sold.

The customer complaints received by the Consumer Financial Protection Bureau are not just a list of grievances. They are a vital source of information for banks and financial services firms, and must be retained.

A just-released McKinsey report predicts strong growth for market data providers, but analysts note that big tech companies are encroaching.

A White House executive order mandates that the Consumer Financial Protection Bureau and other federal agencies take steps to protect personal information from getting into the hands of "countries of concern." The CFPB is promising rules to rein in data sharing later this year.

The CFPB needs to think bigger — much bigger — when it comes to writing rules for Section 1033 of the Dodd-Frank Act.