CFPB Finalizes Open Banking Rule 

On October 22, the CFPB finalized its open banking rule which will facilitate free data sharing between financial institutions and fintech firms and allow consumers control of their personal data. The CFPB stated that this rule will help modernize the American payment system by allowing consumers to easily switch between financial services providers, with a goal of improving borrowing terms for consumers. Financial institutions and trade associations are pushing back against the rule, with industry groups filing legal challenges against the CFPB.  

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