US Opens Access to Personal Banking Information
- Privacy Law In Canada
- Dec 7, 2024
- 1 min read
December 7, 2024 - The Consumer Financial Protection Bureau has put into law new rules allowing consumers to access their banking information, known as the Open Banking Rule. The intent is to allow transparent transfer of data between banks free of charge to facilitate consumers switching banks or financial products more easily.
Consumers will be able to access account balances and transaction history such as merchant names, dates, payment details, bill payments, etc. Noteworthy is that banks tack this information – or now they will, in order to comply with these Regulations, which require an access portal for consumers to see their records (which means that these records will have to be created if they haven’t already).
There may be a trend happening among regulators. For instance, in the European Union, Regulators are creating a health data access body (HDAB) where health data of citizens will be collected and made available for secondary users such as health care companies – for a fee. One purpose is to improve access to health data to support research and innovation activities.
The European Health Data Space may become law this year, for implementation within 2 years, and specific regulation in the 4 to 6 year timeframe. The breadth of this undertaking is immense. There’s the creation of the governance framework, and physical infrastructure/information technology common between Countries, and collection of data across boarders, and standardizing the data.
