Open banking.

Plain English Breakdown

The official summary does not provide specific details about the rules that will be created by the commissioner, only that they are required.

Open Banking Act

This law allows Wyoming state chartered banks to participate in open banking, which involves sharing customer data with third-party financial service providers through APIs, but only if customers give their written permission.

What This Bill Does

• Allows state chartered banks to voluntarily join open banking programs.
• Requires participating banks to comply with all applicable state and federal laws when handling customer data for open banking.
• Mandates that banks obtain a clear and written agreement from the customer before sharing their financial information.
• Gives the commissioner of the Division of Banking authority to create rules about how customer data is handled in open banking.

Who It Names or Affects

• State chartered banks in Wyoming
• Customers who want to share their bank data with third-party services

Terms To Know

Customer Data

This includes a customer's banking, transaction and other financial information.

Express Written Consent

A clear and affirmative written agreement from the customer allowing their data to be shared for open banking purposes.

Limits and Unknowns

• The rules about how banks handle customer data in open banking will not be ready until July 1, 2024.
• This law only applies to state chartered banks and does not cover federal or other types of banks.

Official Summary Text

Bill Summary - 23LSO-0159
Bill No.:

HB0062

Effective:

Multiple Dates

LSO No.:

23LSO-0159

Enrolled Act No.:

HEA No. 0049

Chapter No.:

87

Prime Sponsor:

Joint Minerals, Business & Economic Development Interim Committee

Catch Title:

Open banking.

Subject:

Open banking.

Summary/Major Elements:

Open banking means providing access to customer data from a customer's bank to a third-party financial services provider through application programming interfaces (API's).

This bill authorizes banks to voluntarily participate in and provide for open banking and, if they participate, requires the bank to comply with all applicable state and federal laws relating to the protection of customer data.

No bank can participate in open banking without the express written consent of the customer.

This bill requires the commissioner of the Division of Banking to adopt rules regulating the collection, use and disclosure of customer data in open banking.

Comments:

Delayed Effective Date of July 1 2024.

The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent.

While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.

Current Bill Text

23LSO-0159

ORIGINAL House

Bill No
.
HB0062

ENROLLED ACT NO. 49,

HOUSE OF REPRESENTATIVES

SIXTY-SEVENTH LEGISLATURE OF THE STATE OF WYOMING
2023 General Session

AN ACT relating to banking; authorizing state chartered banks to participate in open banking as specified; providing definitions; requiring rulemaking; and providing for effective dates.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 13
‑
1
‑
701 and 13
‑
1
‑
702 are created to read:

ARTICLE 7
OPEN BANKING

13
‑
1
‑
701.

Definitions.

(a)

For purposes of this article:

(i)

"Customer data" means a customer's banking, transaction and other financial data;

(ii)

"Express written consent" means a customer's affirmative written response to a clear and conspicuous notice regarding the collection, use or disclosure of customer data for the purposes of open banking;

(iii)

"Open banking" means providing access, directly or indirectly, to customer data from the customer's bank to a third
‑
party financial service provider with the express written consent of the customer and through the use of application programming interfaces.

13
‑
1
‑
702.

Open banking authorized; regulation.

(a)

A bank may participate in and provide for open banking.

(b)

A bank participating in and providing for open banking shall comply with all applicable state and federal laws and regulations including laws and regulations related to the protection and use of customer data. Prior to providing access to any customer data under this section the participating bank shall obtain a customer's express written consent.

(c)

The commissioner shall adopt rules regulating the collection, use and disclosure of customer data in open banking, consistent with all applicable state and federal laws and regulations.

Section 2.

The banking commissioner shall adopt all rules necessary to implement this act on or before July 1, 2024.

Section 3
.

(a)

Except as otherwise provided by subsection (b) of this section, this act is effective July 1, 2024.

(b)

Sections 2 and 3 of this act are effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the House.

Chief Clerk

1