Feds release proposed regulations for open banking

Feds release proposed open banking regulations

Canada took another step toward its long-awaited open banking system today with the release of proposed regulations.  The news: The Department of Finance published draft open banking regulations on Friday that would govern how the long-awaited financial data-sharing system would work in Canada. The proposed rules, which outline how FinTechs can participate and what data banks would be required to share with them, are open for a 60-day public con…

Feds release proposed regulations for open banking

Competition in the financial sector took a step forward on Friday with the release of proposed rules for open banking. The Department of Finance released the proposed regulations for a 60-day comment period, which runs to Aug. 26. Open banking will give consumers more control over their financial data, allowing them to more easily switch accounts or manage multiple accounts and products from different providers. Finance’s proposed regulations op…

Open banking regulation in 2026: federal regulation resurfaces as states bring data sharing into focus

The federal regulation of open banking in the United States has been in an extraordinary state of limbo. The Consumer Financial Protection Bureau’s final rules implementing Section 1033 of the Dodd-Frank Act, the product of a long rulemaking journey that began in 2016, remain codified in the Code of Federal Regulations but are effectively unenforceable.... Continue Reading