The Consumer Financial Protection Bureau (CFPB) has finalised new open banking rules to increase competition in the U.S. banking sector and facilitate secure data sharing between banks and third-party financial apps.
The anticipated ruling, announced Tuesday, aligns the U.S. with the UK and Europe, where open banking frameworks have already been established. These reforms are expected to improve consumer access to financial services and foster greater transparency, giving Americans more control over their financial data.
