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Ballard Spahr LLP

CFPB states the Section 1033 Open Banking rule exceeds its authority

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In its motion for a summary judgment in a lawsuit challenging the regulation, the CFPB stated it has concluded that the Section 1033 Rule (Rule) exceeds the agency’s statutory authority to create an open banking system...more

Ballard Spahr LLP

CFPB issues new rule for recognizing open banking standards

Ballard Spahr LLP on

The CFPB has launched the process for independent standard-setting bodies to receive formal recognition, as part of its efforts to shift towards open banking in the United States....more

Goodwin

“Open Banking” Promoted in New CFPB Rule

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​​​​​​​In October 2023, the Consumer Financial Protection Bureau (CFPB) proposed a new rule intended to encourage “open banking”. “Open banking” is a practice of sharing, with consent, consumers’ banking and financial data...more

Hogan Lovells

New Resolution by the Brazilian Central Bank addresses the sharing of data regarding indications of fraud

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On May 23, 2023, the Brazilian Central Bank (Banco Central do Brasil – “BACEN”), together with the National Monetary Council (Conselho Monetário Nacional – “CMN”), enacted Resolution No. 6 (the “Resolution”), which outlines...more

BCLP

Survey of Bank and Financial Service Companies' Privacy Practices

BCLP on

To help identify trends in privacy representations, BCLP reviewed the websites and privacy notices of Fortune 500 companies identified as primarily engaged in the banking and financial service sectors. The following...more

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