Consumer Finance Monitor Podcast Episode: Navigating the New CFPB Open Banking Rule
Consumer Finance Monitor Podcast Episode: Post-Election Insights: Impacts on the Banking and Consumer Financial Services Industry
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
The CFPB is planning to repeal its Section 1033 Open Banking Rule, according to a filing in a federal lawsuit challenging the rule. On the same day the Final Rule was issued, the Banking Policy Institute (BPI) and Kentucky...more
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited Final Rule implementing Section 1033 of the Dodd-Frank Act ("Final Rule") with the intention of giving consumers greater rights,...more
This regular publication from DLA Piper focuses on helping banking and financial services clients navigate the ever-changing regulatory landscape. In this edition: CFPB issues final rule on personal financial data rights...more
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rulemaking on Personal Financial Data Rights (the “Final Rule”). The Final Rule is intended to accelerate a shift towards open banking in the...more
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
On October 22, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final rule implementing Section 1033 of the Dodd-Frank Act (the “Final Rule” or the “Open Banking Rule”), granting consumers greater access...more
This week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its final rule on personal financial data rights, purportedly aimed at enhancing consumer control over their financial data and promoting competition...more
On September 24, the CFPB received its first application for open banking standard setter recognition under Section 1033 of the Dodd-Frank Act. As previously covered by InfoBytes, the CFPB initiated its public comment period...more
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
On March 13, the Director of the CFPB, Rohit Chopra, delivered prepared remarks at the Financial Data Exchange Global Summit and discussed advancing the U.S. towards open banking. Chopra outlined the current efforts and...more
In a recent speech at the Financial Data Exchange Global Summit, Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), discussed the current state of open banking in the United States and emphasized the...more
On March 8, the Wyoming governor signed HB 145 (the “Act”) related to open banking, making two changes. First, the amendment updated the definition of a “customer” as a natural person or an agent, trustee, or representative...more
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
Our newsletter’s title is a nod to the semi-scary Netflix series Stranger Things. No surprise we are VERY excited about Halloween. You may notice that our regular pop culture references have gone horror-themed for this...more
Open banking in Brazil, the system created by the Brazilian Central Bank for the sharing of data, information and financial services, is moving forward to its fourth stage. Open banking is a system created by the Brazilian...more