Section 1 Short title
This Act may be cited as the “Open Banking Study Act of 2018”.
Open Banking Study Act of 2018
A BILL
To require certain Federal financial regulators to carry out an independent study of their regulated entities’ processes for allowing third parties to access consumer-authorized financial data.
Sec. 2 Consumer-authorized financial data study
Study— The Board of Governors of the Federal Reserve System, the Bureau of Consumer Financial Protection, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration shall each carry out an independent study of their regulated entities’ processes for allowing third parties to access consumer-authorized financial data.
Report— Not later than the end of the 1-year period beginning on the date of enactment of this Act, each Federal agency required to carry out a study under subsection (a) shall submit an independent report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing—
a description of all findings and determinations made in carrying out the study required under subsection (a); and
administrative and legislative recommendations that would encourage consumer-authorized financial data sharing and aggregation consistent with the agency’s safety and soundness, consumer protection, anti-money laundering, and cybersecurity standards.