Barak noted that although the agency’s ultimate output was likely to be limited by the highly complex nature of open banking in the U.S. — encompassing data protection and privacy concerns, as well as consumer protection issues, and subject to state and federal interests — its work could feed into more comprehensive laws.

“The information which the CFPB receives will inevitably produce some sort of summary statement or variety of summary statements, and that could certainly compel politicians to push for open banking legislation,” he said.