CFPB issues final rule on open banking.

The Consumer Financial Protection Bureau issued a final rule on open banking, requiring financial institutions to transfer personal financial data to other providers for free at the consumer's request. This rule now applies to payment apps in addition to bank accounts, credit cards, and mobile wallets. The CFPB believes that increased data transfer will enhance competition, allowing consumers to find better rates and services. Compliance with the rule will be phased in gradually, with the largest institutions due to comply by April 1, 2026, and the smallest by April 1, 2030. [Extracted from the article]