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CFPB - Banking Exchange
Group says banks and fintech firms will struggle with changes to personal financial data rights
The new rules will outline the requirements for recognition in the industry
Consumers have been granted the right to dispute buy now, pay later lenders
The announced adjustments are effective July 1, 2025
Many providers charge complex and costly maintenance and exit fees
A coalition of associations have claimed the proposal infringes on personal privacy rights
A separate ABA-led association has paused implementation of new rules to CRA
Proposed rule to ban junk fees aims to remedy widespread concerns
The new rules could save consumers over $3.5 billion in fees per year
The associations argued the CFPB’s proposal does not go far enough
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