Truist and Plaid announce data sharing partnership

Core Insights - Truist Bank is expanding its open banking capabilities through a partnership with data aggregator Plaid, anticipating upcoming rulemaking from the Consumer Financial Protection Bureau (CFPB) [1][5] - The partnership aims to enhance financial control and insights for clients by utilizing cooperative data sharing and modern digital banking solutions [2][4] Regulatory Context - The CFPB is in the process of preparing a second version of an open banking rule modeled after Section 1033 of the Dodd-Frank Consumer Protection Act, with no specific timeline for publication disclosed [3][5] - A previous open banking rule finalized in October 2024 was challenged by banks, leading to a stay and subsequent decision by the CFPB to rescind and reissue an interim rule in late 2025 [3] Partnership Details - The collaboration between Truist and Plaid includes joint product upgrades aimed at improving data quality and combating fraud, utilizing shared data and risk indicators [4] - The partnership will implement an FDX-aligned API to enhance security by replacing credential sharing for customers managing third-party connections [4]