News & Analysis as of

Consumer Financial Protection Bureau (CFPB) › Open Banking › Data-Sharing

Ballard Spahr LLP

Reversing course, CFPB says it will issue revised open banking rule

Ballard Spahr LLP on

In a surprise announcement, the CFPB has said it will issue a revised Section 1033 open banking rule rather than simply killing the Biden Administration rule....more

Orrick, Herrington & Sutcliffe LLP

CFPB signals it will revisit its open banking rule following court stay

Orrick, Herrington & Sutcliffe LLP on

On July 29, the U.S. District Court for the Eastern District of Kentucky granted the CFPB’s motion to stay proceedings in a case challenging the Bureau’s Section 1033 rule after the Bureau signaled its plans to “engage in an...more

Sheppard Mullin Richter & Hampton LLP

In a Surprising Switch, CFPB Now Seeks to Rewrite Open Banking Rule

Sheppard Mullin Richter & Hampton LLP on

On July 29, the U.S. District Court for the Eastern District of Kentucky granted the CFPB’s request to stay litigation challenging its open banking rule. The rule (previously discussed here) aimed to establish industry-wide...more

Ballard Spahr LLP

CFPB states the Section 1033 Open Banking rule exceeds its authority

Ballard Spahr LLP on

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

McGlinchey Stafford

The Next Wave of Open Banking: New Rules on Personal Financial Data Rights

McGlinchey Stafford on

A rapid transformation in consumer finance is being brought about by open banking—a pivotal innovation that allows consumers to give third parties real-time access to their detailed financial data. Open banking has the...more

Husch Blackwell LLP

Open Banking Is Here: An Overview of Section 1033 of the Dodd-Frank Act

Husch Blackwell LLP on

In a move that has been a long time in the making, the Consumer Financial Protection Bureau (CFPB) has finalized its comprehensive open banking rule. The rule implements Section 1033 of the Dodd-Frank Act and grants consumers...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

Goodwin on

​​​​​​​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

BCLP

Open Banking: When You Build It, Will They Come? CFPB Proposes Rules Requiring Banks to Share Consumer Data

BCLP on

The federal consumer protection agency’s proposed rule would give consumers greater control over access to their personal financial information held by banks and credit unions. The CFPB’s stated goal is to increase...more

Latham & Watkins LLP

A Path Forward for Open Banking

Latham & Watkins LLP on

As third-party access to consumer financial data expands, regulators balance innovation, customer choice, and data protection. Consumers’ rights to access and use their personal financial information has been a key focus of...more

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