The U.S. Department of Treasury published a report on open banking on July 31. The report is likely to be the catalyst for open banking in the United States. The Office of the Comptroller of the Currency announced that technology firms can apply for special-purpose fintech charters. Traditional banks are modernizing through open banking and digital transformation to acquire and retain customers and remain competitive. Open banking is certainly more convenient for consumers and financial services firms, but it must be implemented securely.”]