CFPB's open banking rule

e proposed rule offers a solid foundation, yet its impact is limited. The original statute's wording is expansive, requiring all consumer financial services firms to provide consumers with access to their data, except those explicitly exempted. However, the recent draft of the rule is restricted in scope, applying only to credit cards, checking accounts and digital wallets. To truly align with the statute's broad intent, the CFPB should consider broadening the rule's reach, including entities like payroll providers, Electronic Benefits Transfer accounts and billing companies. Greater data coverage would benefit more consumers and fulfill Congress' original objectives