WASHINGTON—The Consumer Financial Protection Bureau is on the lookout for financial services industry players hoping to “game” open banking for their own benefit, according to one new report.
This warning was delivered by CFPB Director Rohit Chopra, who is a strong proponent of open banking.
“We know dangers exist when more powerful players weaponize industry standards,” Chopra said in remarks to a group. “We have to be vigilant that standard-setting does not skew to benefit dominant firms and their prevailing market power.”
Despite his concerns, Chopra believes open banking, once finalized, will streamline the processes consumers now encounter when trying to switch FIs or financial products — processes that he called “clunky,” Pymnts.com reported.
“Open banking involves less red tape and more seamless switching,” he said.
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