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CFPB finalizes open banking rules for consumer data

Image of a woman holding a sign saying "Consumers Stand Up for the CFPB."
Photo: Alex Wong/Getty Images

The CFPB finalized “open banking” rules designed to allow consumers to control and share their own data when shopping for services.

The Consumer Financial Protection Bureau (CFPB) has issued its long-awaited final rule on open banking, which would require financial institutions, credit card issuers and other firms to transfer personal financial data to other providers for free at the consumer’s request.

Although last year’s proposal applied to data linked to

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