On September 24, the CFPB
initiated a public comment process for recognizing organizations as open banking standard setters. The first application open for public comment was from the Financial Data Exchange (FDX). The CFPB outlined five qualifications for organizations seeking recognition as standard-setting bodies: (i) openness; (ii) transparency; (iii) balanced decision-making; (iv) consensus; and (v) due process and appeals. The CFPB invites public comments on the merits of applications under these criteria. To review the FDX application and submit comments, the public can visit the CFPB’s Applications for Open Banking Standard Setter Recognition
webpage.
