US consumer watchdog kicks off redo of 'open banking' rules on customer data

WASHINGTON, Aug 21 (Reuters) - The U.S. Consumer Financial Protection Bureau on Thursday kicked off a do-over of its "open banking" regulations governing consumer control over the sharing of their personal data between banks and the burgeoning financial technology sector as the two industries feud over proper controls and access.

The watchdog asked numerous questions on how best to implement the consumer data rules, prescribed as part of the 2010 Dodd-Frank financial reform law, requiring that banks give consumers access to their own financial data, including account information, transactions, usage and fees, "upon request." The regulations were previously completed by the Biden administration, earning a legal challenge from the banking industry who opposed that version.