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 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
On January 8, the CFPB issued an order recognizing a company as a standard-setting body under its Personal Financial Data Rights rule, marking the first such recognition since the rule’s October 2024 release. The rule...more
On January 8, the Consumer Financial Protection Bureau (CFPB) officially recognized Financial Data Exchange, Inc. (FDX) as the first standard-setting body under the Personal Financial Data Rights promulgated rule under...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
The rule aims to reduce market concentration by guaranteeing consumer access to personal financial data, but faces strident criticism and immediate legal challenge....more
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
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
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
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
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
A new Executive Order could help open the door for the portability of consumer financial data. Definitive regulation for open banking may be on the horizon in the US. On July 9, 2021, President Biden issued an Executive...more
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
Call for input: Industry needs to engage as the FCA moves forward on its transformative vision for open finance. Imagine a world in which you could access your bank accounts, credit cards, mortgage, pensions, savings...more
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