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#financialdata

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"The CFPB economists used a very conservative methodology, so the number is likely higher, but let's stick with that figure for now. The switching costs of changing banks – determining which bank has the best deal for you, then transfering over your account histories, cards, payees, and automated bill payments – are costing everyday Americans more than half a billion dollars, every year.

Now, the CFPB wasn't gathering this data just to make you mad. They wanted to do something about all this money – to find a way to lower switching costs, and, in so doing, transfer all that money from bank shareholders and executives to the American public.

And that's just what they did. A newly finalized Personal Financial Data Rights rule will allow you to authorize third parties – other banks, comparison shopping sites, brokers, anyone who offers you a better deal, or help you find one – to request your account data from your bank. Your bank will be required to provide that data.

I loved this rule when they first proposed it:"

pluralistic.net/2024/11/01/ban

Continued thread

"The ‘science of finance’ is first and foremost a collective ethos. Its real achievement is not objective discovery but ethical articulation. […] It fixes the underlying terrain, it shows them the proper path to follow, and it compels them to stay on track. Without this anchor, all capitalists — whether they are small, anonymous day traders, legendary investors such as Warren Buffet, or professional fund managers like Bill Gross — would be utterly lost.

"Finance theory establishes the elementary particles of capitalization and the boundaries of accumulation. It gives capitalists the basic building blocks of investment; it tells them how to quantify these entities as numerical ‘variables’; and it provides them with a universal algorithm that reduces these variables into the single magnitude of present value."

(Nitzan and Bichler, 2009) 🧶

Continued thread

The #FederalGovernment already has #laws safeguarding people’s #HealthData & #FinancialData, in addition to #protections for #children’s personal #data, but there’s no overarching standard to regulate the vast majority of the #collection, use & #sale of data that companies engage in #online.

While the #UnitedStates still lacks a federal #privacy #law, it’s been nearly 6 yrs since the #EU began implementing its own standards, which set limits on companies’ collection practices.