WASHINGTON, Dec 9 (Reuters) – The top U.S. watchdog agency for consumer financial protection said Tuesday it will issue interim regulations for “open banking” and consumer data rights because it expects to run out of money before completing a process now underway to rewrite Biden-era regulations. The agency, which President Donald Trump and other top […]
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US consumer bureau to issue ‘interim final’ open banking rule, cites funding shortfall
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WASHINGTON, Dec 9 (Reuters) – The top U.S. watchdog agency for consumer financial protection said Tuesday it will issue interim regulations for “open banking” and consumer data rights because it expects to run out of money before completing a process now underway to rewrite Biden-era regulations.
The agency, which President Donald Trump and other top officials have said should be dismantled, is currently in the process of rewriting regulations adopted last year to govern consumer control over the sharing of their personal data between banks and the burgeoning financial app and digital currency sectors.
However the White House has refused to fund the agency and cash on hand could be exhausted in weeks.
(Reporting by Douglas Gillison in Washington)