Open Banking Unleashed: Navigating the New Era of Open Banking and Consumer Data Rights

We wish to inform you about a significant regulatory development that could reshape the fintech landscape. The Consumer Financial Protection Bureau (“CFPB”) recently proposed the Personal Financial Data Rights (the “Proposed Rule”) rule with the intention of making consumers’ financial transaction data more portable, thereby causing a broader shift to a more open banking ecosystem characterized by increased competition between banking service providers.

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