CTT Week 5

  This article was published on October 23rd, 2024: Link to article


    The Consumer Financial Protection Bureau (CFPB) has finalized the Personal Financial Data Rights rule, advancing open banking, an emerging technology that enables consumers to securely share financial data with third-party providers via APIs. This rule, finalized in October 2024, mandates that financial institutions provide consumers with free access to their data, fostering fintech innovation and increasing competition.

    Implementation will be phased, with large institutions complying by April 2026 and smaller ones by 2030. While fintech firms welcome the rule, banks raise ethical concerns over data privacy and security risks. The Bank Policy Institute (BPI) has filed a lawsuit, arguing it could compromise financial system integrity.

    

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