US Banks Prepare for New Era of Consumer Financial Data Sharing.

The Consumer Financial Protection Bureau has finalized a rule requiring US banks to provide customers with access to their financial data, allowing them to transfer it to other financial services providers for free. This open banking rule aims to increase competition, lower loan prices, and improve services by enabling consumers to switch providers easily. While fintech companies stand to benefit from this new regulation, some Wall Street industry groups have expressed concerns about potential liabilities. Banks and credit unions over $850 million in assets must comply by April 2026, with smaller institutions given until April 2030 to adhere to the rule. [Extracted from the article]