Is it allowed for financial apps in the USA to share consumer data with third parties without consent?

Last updated on October 3, 2025

No, it is not allowed. The CFPB’s Open Banking rule (2024) mandates that third-party financial apps must obtain explicit consumer consent before accessing or sharing financial data. The rule also limits data use to the purposes authorized by the consumer and requires robust privacy protections. Violations may lead to enforcement actions and revocation of access rights.

https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-rule-to-establish-consumer-rights-to-control-their-financial-data/

10/22/2024