Banks Seek More Time to Get Ready for CFPB Open Banking Rule

Banks say they’ll need more time than is currently proposed to come into compliance with the Consumer Financial Protection Bureau’s open banking rule once it’s finalized.

The measure, mandated by the 2010 Dodd-Frank Act, is intended to block banks from putting in impediments to customers sharing their bank and credit card account information with third-party fintechs, such as Venmo, Betterment, and Wealthfront.

The CFPB is proposing to give the biggest banks with $500 billion or more in total assets, such as JPMorgan Chase & Co., Bank of America Corp., and US Bancorp, six months from the time ...