CFPB Seeks Comments on Bank Fees as Consumer-Data Rule Reworked

The US Consumer Financial Protection Bureau is seeking answers to questions around bank fees and customer authorization as it reshapes a rule governing personal-finance information after JPMorgan Chase & Co. proposed charging outside parties to access the data.

The CFPB is asking stakeholders — banks, financial-technology companies, data aggregators and other interested parties — to weigh in on questions around whether customers can authorize fintechs to act as their authorized representatives to collect and share data, and if the CFPB can legally bar banks from charging for access to that valuable information.