The final rule grants consumers full control over their financial data, giving them the right to share this information with third parties of their choice, fostering a competitive landscape.
As the U.S. implements the 1033 rule, it moves closer to a consumer-centered, fintech-friendly regulatory landscape that could disrupt established financial institutions.
This regulatory shift mandates that banks share customer data with third-party service providers, potentially equalizing the playing field and allowing fintechs to compete more directly.
The U.S. can now draw from European experiences as it shapes its own Open Banking framework, learning from both successes and challenges of these initiatives.
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