US consumer watchdog: proposed ‘open banking’ rule due this month

(Reuters) – The top U.S. agency for consumer financial protection will release a much anticipated regulatory proposal later this month on consumers’ control of their banking data, keeping to a previously announced schedule, its director said Friday.

The Consumer Financial Protection Bureau proposal is expected to give consumers the ability to switch service providers more easily and control how financial tech service providers collect consumer data.

CFPB Director Rohit Chopra’s remarks on Friday suggested his agency’s regulatory agenda would continue uninterrupted despite upheaval in Washington, with the recent threat of a government shutdown and Supreme Court deliberations widely seen as posing a threat to the CFPB’s existence.

(Reporting by Douglas Gillison)