CFPB unveils open banking proposal

Open banking requires large institutions — banks, credit unions and other companies that hold consumer accounts — to allow customers to request their financial data held with fintechs, other banks and online lenders. The proposal would ban financial institutions from misusing or wrongfully using consumer financial data and require them to share such data with third parties by consumer request.

CFPB: Mortgage applications fell last year amid rising interest rates

Driven by an increase in mortgage interest rates, the average monthly mortgage payment increased more than 46 percent to $2,045 in December 2022 from $1,400 the previous year. The median interest rate for a 30-year, fixed-rate mortgage was 6.5 percent at the end of last year.

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