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Biden administration issues further open banking regulations by June 30, 2025?
3
Resolution / Starting Odds
Yes • 50%
No • 50%
Official announcements from the Biden administration or government publications
Story
CFPB Finalizes 'Open Banking' Rule on October 22, 2024 to Enhance Consumer Data Access
Oct 22, 2024, 09:15 AM
On October 22, 2024, the US Consumer Financial Protection Bureau (CFPB) finalized a rule to promote 'open banking,' granting consumers greater access to their financial data. This rule, part of the Dodd-Frank law, aims to make it easier for consumers to switch financial service providers while ensuring privacy and security. The Biden administration supports the rule, which is intended to accelerate a shift towards open banking and protect against intrusive financial surveillance. CFPB Director Rohit Chopra emphasized the importance of consumer rights and data protection.
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More restrictive regulations • 25%
Less restrictive regulations • 25%
No significant change • 25%
Unclear outcome • 25%
Bank of America • 25%
JPMorgan Chase • 25%
Wells Fargo • 25%
Citibank • 25%
Yes • 50%
No • 50%
Yes • 50%
No • 50%
Biden Administration • 25%
Congress • 25%
Judicial System • 25%
No resolution • 25%
Department of Justice • 25%
Federal Reserve • 25%
Securities and Exchange Commission • 25%
Other • 25%