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CFPB - Banking Exchange
Shifting risk composition caused greater risk credit cards to be issued
Gen Z faces financial dependence with 52% not earning enough for their desired lifestyle
New proposal would also reduce paperwork burdens
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
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