The Consumer Financial Protection Bureau is reportedly examining how big tech companies might use the data shared under the new rule. (Reuters)

Talking point: The privacy concerns echo the debate in Canada around how to implement an open banking system, under which consumers can choose to share banking data with third parties. Since industry consultations began in 2018, Canadian fintechs, banks and other businesses have grappled with how to share data to promote competition while making sure that data isn’t mishandled. Banks in the U.S. are pushing to limit the scope of the new rule, arguing that fintechs have weaker cybersecurity and privacy standards than more established firms, according to Reuters. The White House tasked the CFPB with developing the rule in July 2021 as part of a push to increase competition. Canada’s regime is supposed to be in place next year.