Open Banking Rule Backers Push CFPB to Expand Eligible Data Sets

The CFPB is facing pressure to expand coverage of its open banking rule to include mortgage, student and auto loan, and other credit accounts that advocates say will provide people with a more complete financial profile.

The forthcoming rule, required under Section 1033 of the 2010 Dodd-Frank Act, is aimed at giving consumers more control over their finances in an open US banking framework by requiring banks to share financial data with fintechs such as budgeting and financial management apps, and online lenders.

Representatives of small banks, credit unions, data aggregators, fintechs, and other industries that reviewed a Consumer Financial ...