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Wyoming regulator says open‑banking rules are in place but banks haven’t adopted them yet
Summary
Wyoming adopted an open‑banking rule that requires consumer consent and limits data sharing; Commissioner Bishop said no banks have implemented it yet and that federal CFPB action has been paused after litigation.
Wyoming has a state open‑banking rule that requires banks to get expressed written consent from consumers before sharing account data with third parties and gives consumers control over what data can be shared and how it is used.
Banking Commissioner Jeremiah Bishop told the select committee the rule was intentionally non‑prescriptive to avoid backsliding into the contested CFPB rulemaking space. "We created rules that give the consumer control of their data," Bishop said, and he noted the division has received no operational feedback because no Wyoming institutions have implemented open‑banking products to date.
Bishop said federal CFPB rulemaking on open banking has been litigated and paused; states continue to pursue data‑privacy work on separate tracks. The committee logged the update and asked that the division advise the committee as implementation feedback arrives.
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