The news: The Consumer Financial Protection Bureau’s (CFPB’s) final rule on open banking broadens its scope beyond initial expectations.
- The rule mandates that financial institutions (FIs), credit card issuers, and payment apps like Venmo and Apple Pay must transfer consumer financial data to other providers for free on request, per the regulator.
Nondepository institutions of all sizes must comply, but FIs with under $850 million in assets will be exempt.