(Stocksak). – This week, the U.S. Consumer Financial Protection Bureau will implement an “open banking” rule. This rule could significantly increase consumer finance competition and increase Americans’ financial services access.
Rohit Chopra, Director of CFPB, stated Tuesday that the agency plans to propose requiring financial institutions offering transaction accounts to set-up secure data sharing methods and to develop regulations to limit misuse and abuse.
The agency will issue a discussion guide this week to allow small businesses to weigh-in on the proposed rule. It hopes to formalize the rule in 2023.