The Consumer Financial Protection Bureau (CFPB) issued an advanced notice of proposed rulemaking. It was completed to regulate how banks and fintech share data. The latest move by the CFPB is to regulate the growing open banking space.
In June, the CFPB announced that it planned to release a proposed rulemaking for open banking before 2021. The proposed regulation would give consumers better control over their finances while protecting their privacy.
The ruling is designed to provide consumers with more access to their financial records, as well as who has access to them. If enacted, the rule could make the U.S. banking system more standardized and open. The U.K. banking system is similar.
The bureau is seeking comments to assist the implementation of section 10…