On Thursday, the U.S. Consumer Financial Protection Bureau (CFIB) announced it has proposed a personal financial data rights rule that forbids financial institutions from “hoarding” an individual’s data. The rule requires companies to share data with other companies offering better products if an individual directs them to do so. (The Logic)

Talking point: “The proposed rule would allow people to break up with banks that provide bad service and would forbid companies that receive data from misusing or wrongfully monetizing the sensitive personal financial data,” the release said. Michelle Beyo, CEO of Finavator and president of Open Finance Network Canada, a non-profit advocating for open banking, personally believes the news will put “political pressure” on Canada to make progress on the initiative. Without a clear roadmap from the government, many fintechs feel uncertain about open banking’s future. “We need a date and a mandate,” Beyo said.