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Federal rule would harm consumers, conflict with Trump agenda, critics say

A new federal rule on open banking may let banks charge fees for access to consumer data, which critics say could hurt consumers and contradict President Donald Trump's agenda.
Open banking lets consumers allow banks and financial firms to share their financial data electronically and securely with third parties.
The Trump administration's rule reportedly permits banks to charge fintech firms volume-based fees for accessing customer financial data after certain request thresholds.
Critics warn that these charges on third parties could increase consumer costs and hinder financial innovation, blocking startups and affordable financial products.

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Federal rule would harm consumers, conflict with Trump agenda, critics say

(The Center Square) – A forthcoming federal rule on open banking may allow banks to charge new fees for access to consumer data, a move critics say would harm consumers and runs counter to other parts of President Donald Trump’s…

2 days ago

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