Progressive groups push for new rule to break up big banks

 

Source: Rose Adams, The Intercept

More than a dozen progressive organizations are pressuring the Biden administration to enact a rule that would force banks to give customers access to their own financial data.

Known as Section 1033 in reference to a provision of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, the reform seeks not only to ban banks from hoarding customers’ data, but also to introduce competition in a sector that is largely controlled by Wall Street interests. The progressive groups argue that this could bring down costs and improve services for consumers.

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