Audit, Dept. of

Banking Division

Chapter 30: Open Banking

Effective Date: 06/26/2024 to Current

Rule Type: Current Rules & Regulations

Reference Number: 021.0002.30.06262024

Chapter 30

Open Banking

Section 1. Authority and Scope.

(a) These rules are promulgated pursuant to Wyoming Statute (“W.S.”) 13-1-802(c). (b) This chapter governs banks, as defined in W.S. 13-1-101(a)(i), that participate in and provide for open banking.

Section 2. Definitions.

(a) As used in this chapter: (i) “Notice” means the written notice provided from a bank to a customer regarding the collection use or disclosure of customer data for the purposes of open banking.

Section 3. Notice, Use, and Disclosure Requirements.

(a) The Notice must include the following: (i) Sufficient information such that the customer can identify the third-party that is requesting the customer’s data; (ii) A brief description of the customer data that is being requested from the third-party; and (iii) Instructions on how a customer may revoke their consent for their data to be shared. (b) A bank participating in open banking shall limit the accessible customer data to that which is reasonably necessary for the customer to receive a product or service from the third-party financial service provider. (c) Prior to participating in open banking, a bank shall conduct due diligence on the third-party financial services provider to ensure that the bank is operating in a safe and sound manner and in compliance with all applicable state and federal laws and regulations. (d) A bank shall only provide access to the customer data that was disclosed in the Notice and only to the third-party that was disclosed in the Notice.

Section 4. Revocation of Consent.

(a) A customer may revoke their consent at any time. (b) Once a customer revokes consent, the bank must immediately cease providing that third-party’s access to the customer’s data.

Section 5. Records Requirements.

(a) Banks must retain a record of the third-parties to which each customer has given consent to share his or her data and what data is being shared.

(b) Banks must, upon request from a customer, provide to the customer records of all third-parties with access to that customer’s data and what data is being shared.