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CFPB Rule Sparks Privacy and Security Concerns
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CFPB plans to implement a rule mandating consumer financial data sharing, sparking privacy and security concerns from the financial industry. The rule aims to accelerate open banking and empower consumers, but raised concerns from The Clearing House, advocating for restrictions to protect consumer data privacy.
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How can public-private partnerships effectively safeguard consumer data privacy in the context of financial data sharing?
How might the implementation of the CFPB rule impact consumer trust in sharing financial data?
What measures can be taken to balance the benefits of open banking with consumer privacy concerns?
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