CFPB, Federal Agencies, State Agencies, and Attorneys General
The Consumer Financial Protection Bureau (CFPB) has taken the next significant step toward revising its Section 1033 “open banking” regulation.
According to the Office of Information and Regulatory Affairs (OIRA), the CFPB has submitted a Notice of Proposed Rulemaking (NPRM) entitled Personal Financial Data Rights Reconsideration (Section 1033 of the Dodd-Frank Act) for review under Executive Order 12866.… Continue Reading
In a surprise announcement, the CFPB has said it will issue a revised Section 1033 open banking rule rather than simply killing the Biden Administration rule.
“In light of recent events in the marketplace, the Bureau has now decided to initiate a new rulemaking to reconsider the Rule with a view to substantially revising it and providing a robust justification,” the administration said, in requesting a stay of a lawsuit filed by Forcht Bank and banking trade groups in the U.S.… Continue Reading
