"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:"

https://pluralistic.net/2024/11/01/bankshot/#personal-financial-data-rights

#SwitchingCosts #USA #Banking #Banks #FinancialData #Interoperability #OpenData

Using the #Lichess database Giordano de Marzo and Vito Servedio have explored a new #chess opening classification based on how often the openings appear in the same repertoire. The results are recently published on @Nature : https://www.nature.com/articles/s41598-023-31658-w

With #opendata we can do amazing things!

(Work)

I helped get the UK Government to open up a little bit more of its data.

Here's the complete list of every .gov.uk domain name.
https://www.gov.uk/government/publications/list-of-gov-uk-domain-names

No weird formats - just a plain CSV 😀

#OpenData #OpenGovernment

I am looking for a map of bars and restaurants indicating whether they allow #smoking or not. (In #Saxony indoor smoking in bars is sadly still possible). #OSM does not seem to have tons of data in #Leipzig. Any pointers to #opendata about that? https://overpass-turbo.eu/s/1sJA