Did Biden Open Up Banking? The President’s CFPB Order Explained

President Joe Biden gave a boost to Consumer Financial Protection Bureau’s decade-long effort to kickstart open banking in the U.S. when he signed an executive order last week aimed at boosting competition in the economy.

The president’s July 9 order includes a provision that strongly encourages the CFPB to issue Dodd-Frank Act regulations that would make it easier for consumers to access their bank data and transfer it to other banks and outside apps, such as PayPal Holdings Inc.’s Venmo or Robinhood Markets Inc.

Allowing consumers to easily transfer bank account information and other data is the heart of ...