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Committee weighs open-banking rollout, general regulatory sandboxes and whether Wyoming should widen its sandbox law
Summary
The committee reviewed the state’s open-banking rule status and debated whether to update Wyoming’s fintech sandbox or adopt a broader regulatory sandbox; officials said CFPB open-banking rules face legal challenge and that Wyoming’s sandbox has seen limited use.
The Select Committee on Blockchain, Financial Technology and Digital Innovation Technology received updates on open banking and Wyoming’s financial-technology sandbox and discussed whether to broaden the state’s sandbox law to cover additional sectors such as insurance or housing.
Open banking: State Banking Commissioner Jeremiah Bishop said Wyoming’s open-banking rules are in place but that no Wyoming banks currently report using them. On the federal side, Bishop said the Consumer Financial Protection Bureau’s (CFPB) open-banking rule (Regulation E amendments published October 2024) is subject to litigation and may face congressional or regulatory change; the committee therefore plans to monitor federal developments before changing state rules.
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