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.

On June 5, 2024, the CFPB finalized a rule outlining the minimum attributes that standard-setting bodies must exhibit to issue standards in compliance with CFPB’s proposed Personal Financial Data Rights Rule.… Continue Reading

In October 2023, the CFPB issued a groundbreaking proposal on personal financial data.  This episode, which repurposes a webinar, begins with a review of the background of the rulemaking.  We then discuss key provisions of the proposal, including the entities, data, and financial products and services that would be covered, the obligations that would be imposed on covered entities, and exceptions to the proposal’s requirements. … Continue Reading