The CFPB is working to accelerate the shift to open banking through a new personal data rights rule intended to break down obstacles, jumpstart competition, and protect financial privacy. To do this, the CFPB is formalizing an unused legal authority enacted by Congress in 2010. This authority gives consumers the right to control their personal financial data. These rights will become a practical reality after the CFPB implements a rule that sets expectations for the market. We expect to solicit comments on our formal proposal in a few months and finalize in 2024.
Read the Director’s blog post