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.