As featured in Tearsheet:
The shift towards Open Banking in America has largely been market-led, but regulators are finally entering the space and mapping out a blueprint. The CFPB released its first proposal to implement Section 1033 of the Consumer Financial Protection Act in late October. The CFPB stated that its motivation behind the rulemaking was to level the playing field and counteract banks and traditional FIs hindering competition by making it difficult for consumers to transfer their data.
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