On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) finalized its long-awaited rule on Personal Financial Data Rights (referred to herein as the “Open Banking Rule”).

The Open Banking Rule requires banks, credit unions, and other financial service providers to make available consumers’ data upon request to those consumers or other third parties designated by such consumers. The rule is issued to implement the personal financial data rights established by the Consumer Financial Protection Act of 2010 (“CFPA”).  In…
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