If a government watchdog gets his way, it may be easier to fire you. bank in the coming years. Personal Financial Data Rights The rule will increase consumer security and privacy by adding additional protections to financial information. The rule will also simplify the secure transfer of customer data; So, for example, if you are not satisfied with a bank’s savings rate, you can change banks more easily.

The banking industry has tremendous control over consumer data under current law. Banks may cross-sell or use consumer data for marketing purposes; Consumers may not be able to revoke sharing permissions or may be left in the dark about how their data is used.