CFPB issues final open banking rule on third-party data access

Consumer Financial Protection Bureau issued final rule on October 1, 2024.

Primary

Consumer Financial Protection Bureau

Structure

final rule

Date

October 1, 2024

Sub-sector

Financial Data / Open Banking

CFPB mandates API-based data access and restricts third-party use of consumer banking data to reasonably necessary purposes, displacing screen scraping.

Primary company

Consumer Financial Protection Bureau

Counterparty

—

Amount

—

Event date

October 1, 2024

Sub-sector

Financial Data / Open Banking

HQ

—

Structure

final rule

Source published

November 5, 2024

Publisher

National Law Review

Source: natlawreview.com