CFPB Finalizes Open Banking Rule to Boost Competition, Enhance Data Rights

Oct 22, 2024, 09:19 AM

The Consumer Financial Protection Bureau (CFPB) has finalized a rule that will enhance consumer rights over personal financial data. The new 'open banking' regulations allow consumers to access and share their bank and credit data free of charge, fostering increased competition and data control among financial service providers. The rule aims to safeguard against intrusive financial spying and surveillance while making it easier for consumers to switch providers. CFPB Director Rohit Chopra emphasized that financial institutions are now required to share customer data with other providers at the customer's request.