Last month, US President Joe Biden issued an executive order aimed at the consumer financial services industry. The order encourages the Consumer Financial Protection Bureau (CFPB) to issue regulations under Section 1033 of the Dodd-Frank Act. The Act governs financial data access rights for customers of FinTech firms and banking institutions, and the executive order is in line with the US’ aim to encourage Open Banking standards.

Open Banking – An Introduction

Previous administrations kept US banking as a relatively closed ecosystem—banks and financial institutions served as gatekeepers that controlled account information and other customer-related data. However, with an uptic …