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Financial Institutions › Data-Sharing › Open Banking

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

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

Latham & Watkins LLP

Hong Kong Fintech Week 2020: 3 Key Policy Initiatives of the HKMA

Latham & Watkins LLP on

The HKMA introduces a new data sharing initiative, reported on the central bank digital currency initiative, and outlined regtech plans. The fifth annual Hong Kong Fintech Week conference kicked off with speeches and panels...more

White & Case LLP

Secondary regulations relating to standardized application programming interfaces (API) under the Fintech Law (Open Banking)

White & Case LLP on

Under Article 76 of the Law regulating the Financial Technology Institutions ("Fintech Law") financial institutions, money transmitters, credit reporting companies, clearing houses, financial technology institutions and...more

Davis Wright Tremaine LLP

Open Banking, APIs, and Liability Issues

Davis Wright Tremaine LLP on

The concept of open banking has been around for much of the 21st century and has been instrumental in creating a host of new banking services. ...more

BCLP

Open Banking: A Practical API Licensing Primer

BCLP on

This post is the fourth and final in a series discussing Open Banking, its implementations, and its implications. In the United States, “open banking” does not yet mean that bank account and transaction data can be freely...more

K&L Gates LLP

Is Open Banking Coming to the United States?

K&L Gates LLP on

What is Open Banking? Open banking is a collaborative model in which banks and other similar regulated financial institutions are required to share their customers’ financial data with third parties upon the request of...more

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