08.27.25

CFPB Kicks Off Redo of 'Open Banking' Rules on Customer Data

by: Pete Schroeder; Douglas Gillison

The U.S. Consumer Financial Protection Bureau (CFPB) has restarted efforts to craft “open banking” regulations, revisiting rules on how consumers control the sharing of their financial data between banks, fintechs and crypto firms. The Biden-era version aimed to reduce costs and increase competition, but the Trump administration initially scrapped it before relaunching rulemaking under pressure from fintech and crypto sectors. Key debates include whether banks can charge fees for data sharing, who can access data and liability for breaches. Banks argue fees protect security and cover costs, while fintech firms warn they stifle innovation and limit consumer choice.

Read the full article on Reuters