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Financial Services Industry › Personal Data › Open Banking

Wiley Rein LLP

[Podcast] Open Banking, Financial Data Rights, and What it Means for Crypto

Wiley Rein LLP on

In the latest episode of CryptoCounsel, Frank is joined by his Wiley colleague Duane Pozza for a deep dive into open banking with guest Steve Boms, Founder and President of Allon Advocacy and Executive Director of the...more

Troutman Pepper Locke

CFPB Section 1033 Open Banking Rule Stayed as CFPB Initiates New Rulemaking

Troutman Pepper Locke on

In a significant turn of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has decided to initiate a new rulemaking process concerning its final rule on personal financial data rights under Section 1033 of the...more

Nutter McClennen & Fish LLP

Nutter Bank Report: October 2024

Nutter McClennen & Fish LLP on

The CFPB has approved a final rule that requires banks and certain other financial services providers to share a consumer’s personal financial data with another provider at the consumer’s request. The CFPB’s Personal...more

Latham & Watkins LLP

CFPB Finalizes Open Banking Rule

Latham & Watkins LLP on

The rule aims to reduce market concentration by guaranteeing consumer access to personal financial data, but faces strident criticism and immediate legal challenge....more

Holland & Knight LLP

Consumer Financial Protection Bureau Proposes New Financial Data Portability, Security Rules

Holland & Knight LLP on

The Consumer Finance Protection Bureau (CFPB) on Oct. 19, 2023, proposed a new Personal Financial Data Rights rule (Proposal) through which it seeks to increase competition in the financial sector. The Proposal was developed...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

Cadwalader, Wickersham & Taft LLP

Entities Subject to the CFPB's Personal Data Financial Rights Proposed Rule, Part 2

Cadwalader, Wickersham & Taft LLP on

As we reported last week, the Consumer Financial Protection Bureau (“CFPB”) released a proposed rule addressing “personal data financial rights.” Comments are due on December 29, 2023....more

Troutman Pepper Locke

CFPB Launches Rulemaking to "Jumpstart" Open Banking

Troutman Pepper Locke on

On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking under Section 1033 of the Consumer Financial Protection Act of 2010 (CFPA). The proposed Personal...more

Morgan Lewis - Tech & Sourcing

Open Banking – Update for 2020

Morgan Lewis - Tech & Sourcing on

In December 2019, we published a blog post introducing open banking; here, we provide an update for 2020. To briefly summarize, open banking comprises a set of rules which permit third-party providers (TPPs) of financial...more

Latham & Watkins LLP

UK Government Launches ‘Smart Data’ Proposals as Data-Portability Agenda Intensifies

Latham & Watkins LLP on

The proposals would grant consumers increasing rights to require providers to share access to their data directly with chosen third parties. The UK government has released a consultation advocating the introduction of...more

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