CFPB Rule Reversal Could Mean New Fees on Your Financial Data

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A Consumer Financial Protection Bureau rule that gave consumers free access to their own financial data is expected to be reversed under the Trump administration. The rule had been blocked by a court injunction, and the agency is now expected to undo it entirely, which would allow banks and custodians to charge fees — primarily to data aggregators like Plaid, the companies that connect financial apps to your bank accounts. Those costs could ultimately flow through to consumers and financial advisors who rely on aggregated data to get a full picture of a client's finances.