New proposal could put customers in charge of their financial data

OPEN-
MINDED: 
Brian Azar, CEO and president of Pawtucket-based Coastal1 Credit Union, says a move to “open banking” as proposed by the Consumer Financial Protection Bureau could be good for institutions such as his.
PBN PHOTO/
MICHAEL SALERNO
OPEN-
MINDED: 
Brian Azar, CEO and president of Pawtucket-based Coastal1 Credit Union, says a move to “open banking” as proposed by the Consumer Financial Protection Bureau could be good for institutions such as his.
PBN PHOTO/
MICHAEL SALERNO
If information is power, then banks and credit unions are in control. That’s because every morsel of customer financial data, from spending patterns to credit reports, is owned by the bank, not the customer. Which makes it difficult – and sometimes impossible – for customers to switch banks or share their information with third-party platforms.…

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