26 Oct NEW PERSPECTIVES REPORT – OPEN BANKING: WHAT FINANCIAL INSTITUTIONS CAN LEARN FROM OVERSEAS EXPERIENCE

On October 22, 2024, the CFPB finalized the controversial Open Banking rule under Section 1033 of the Consumer Financial Protection Act of 2010. Named the Personal Financial Data Rights, the rule requires depository and non-depository entities to make certain data available to consumers and authorized third parties. This report shares lessons from earlier international open banking initiatives, relevant to the US.