US CONSUMER WATCHDOG TO REWRITE 'OPEN BANKING' RULE AFTER PRESSURE FROM CRYPTO, FINTECH INDUSTRIES US CONSUMER FINANCIAL PROTECTION BUREAU PUBLISHES QUESTIONS FOR REWRITE OF 'OPEN BANKING' RULE
US Consumer Watchdog Plans To Rewrite 'Open Banking' Rules Due To Pressure From Crypto And Fintech Sectors 🏦💻🇺🇸
US consumer watchdog to rewrite open banking rule after pressure from Crypto and Fintech industries.
The U.S. Consumer Financial Protection Bureau on 21 Aug. released an advance notice of proposed rulemaking that signals its intent to rewrite the agency’s long-awaited “open banking” rule under Section 1033 of the Dodd-Frank Act. The document lays out a series of questions on issues such as data-access fees and security standards, inviting public comment before the bureau drafts a new proposal. The decision follows sustained lobbying by cryptocurrency platforms and other fintech firms, which argued that the earlier framework risked stifling innovation in digital finance. Revising the rule could redefine how banks, data aggregators and third-party apps share consumer financial data, with potential implications for competition and consumer protections across payments, lending and personal-finance services.
