CrowdFund Insider: Open Banking Executives Laud Inclusion of Easier Bank Switching in Biden Executive Order on Competition
Open Banking Executives Laud Inclusion of Easier Bank Switching in Biden Executive Order on Competition
By JD Alois
July 9, 2021
Jane Barratt, Chief Advocacy Officer at MX – another Open Banking firm that raised $300 million in a Series C funding round this pas January, joined in support of the move by the Biden Administration.
“Today, President Biden issued an executive order encouraging the Consumer Financial Protection Bureau (CFPB) to issue rules allowing customers to download their banking data and take it with them. We applaud the Biden Administration’s efforts and look forward to our continued work with the CFPB to ensure consumers can access and use their financial data,” said Barratt. “We would like all Americans, regardless of where they choose to bank, make payments, or borrow, to have access to modern connectivity that safeguards their data and their deposits. This means secure access to all of their financial data, and the ability to share it with providers of their choice, ensuring the best solutions for them and their families.”
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