The CFPB should resist regulatory backsliding on Rule 1033 and allow markets the continued opportunity to prove that innovation and privacy are not opposing goals. When incentives are properly aligned, consumers and the economy both win.
As it works to determine how to safeguard the sharing of and access to consumer financial data, the Consumer Financial Protection Bureau (CFPB) faces a clear choice.
It can allow market-based frameworks developed by the private sector to continue evolving, stepping in only where genuine gaps or abuses emerge. Or it can try to revive broken and ineffective Biden-era rules that override the marketplace with one-size-fits-all mandates that will hurt innovation without protecting individuals.
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.
Competition Begets Better Banking Data Than Regulation
Wayne H Winegarden
The CFPB should resist regulatory backsliding on Rule 1033 and allow markets the continued opportunity to prove that innovation and privacy are not opposing goals. When incentives are properly aligned, consumers and the economy both win.
As it works to determine how to safeguard the sharing of and access to consumer financial data, the Consumer Financial Protection Bureau (CFPB) faces a clear choice.
It can allow market-based frameworks developed by the private sector to continue evolving, stepping in only where genuine gaps or abuses emerge. Or it can try to revive broken and ineffective Biden-era rules that override the marketplace with one-size-fits-all mandates that will hurt innovation without protecting individuals.
The free market should prevail here.
Read the entire op-ed here.
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.