Just days into the second Trump administration, Republicans in Washington are facing an unexpected and poorly understood headwind to unleashing our economic potential, courtesy of the Consumer Financial Protection Bureau and the leadership of Biden bureaucrats.
Under the CFPB’s Biden-era 1033 Rule, also known as the “Banking Data Exposure Rule,” American banks will soon be compelled to increase the flow of sensitive financial data to banks and businesses worldwide, with insufficient safeguards and proper oversight. The implications are enormous, and the risks cannot be overstated.
Progressive proponents like Senator Elizabeth Warren (D-MA) might be cheering this misguided rule under the guise of empowering the consumer. But because the rule is so poorly constructed, it will only benefit a minority of well-informed consumers while creating new and potentially life-changing…
