CFPB finalizes ‘open banking’ rules for consumer data sharing

According to the CFPB, as the rules take effect, consumers will be able to transfer their data between banks free of charge and without obstacles.

The top U.S. watchdog agency for consumer financial protection on Tuesday unveiled long-awaited rules intended to drive a shift toward open banking and spur competition, saying they would allow consumers to control and share their own data when shopping for services.