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Consumer Financial Protection Bureau (CFPB) Financial Services Industry Open Banking

DLA Piper

Bank Regulatory News and Trends

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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

DLA Piper

US: CFPB Finalizes Open Banking Rule Under Section 1033: Key Takeaways for Accessing Consumer Financial Data

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Overview - On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) finalized its long-anticipated “Personal Financial Data Rights” rule (and Executive Summary) – more commonly known as the “Open Banking” rule –...more

Mayer Brown

CFPB Finalizes Long-Awaited Rule to Accelerate Open Banking Development; Immediately Sued

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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

Nutter McClennen & Fish LLP

Nutter Bank Report: October 2024

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

Latham & Watkins LLP

CFPB Finalizes Open Banking Rule

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The rule aims to reduce market concentration by guaranteeing consumer access to personal financial data, but faces strident criticism and immediate legal challenge....more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 49: CFPB’s 1033 Rule: Where to From Here?

Orrick Partner John Coleman joins the RegFi podcast for a conversation about what lies ahead for the CFPB’s finalized 1033 rule, including uncertainties created by litigation challenges, election results and the need for...more

Holland & Knight LLP

CFPB Finalizes New "Open Banking" Rule; Prompt Court Challenge Is Pending

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The Consumer Financial Protection Bureau (CFPB) on Oct. 23, 2024, issued its final "open banking" rule. Starting for some institutions as early as 2026, financial service providers must, upon a consumer's request, make...more

Ballard Spahr LLP

Trade Associations Sue CFPB on Same Day as it Issues Final Open Banking Rule Under Section 1033 of Dodd-Frank

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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

Troutman Pepper

CFPB Issues Final Section 1033 Open Banking Rule: Legal Challenge Filed Immediately

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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

Ballard Spahr LLP

CFPB Finalizes Open Banking Rule

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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

Husch Blackwell LLP

Open Banking Is Here: An Overview of Section 1033 of the Dodd-Frank Act

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In a move that has been a long time in the making, the Consumer Financial Protection Bureau (CFPB) has finalized its comprehensive open banking rule. The rule implements Section 1033 of the Dodd-Frank Act and grants consumers...more

Akerman LLP

CFPB Finalizes Open Banking (Section 1033) Rule

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On October 22nd, the Consumer Financial Protection Bureau ("CFPB") issued its final open banking rule, which implements section 1033 of the Dodd Frank Act ("Final Rule"). The Final Rule requires data providers, which includes...more

Poyner Spruill LLP

Open Banking: An Introduction

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The Consumer Financial Protection Bureau (CFPB) has proposed an open banking rule (Proposed Rule) requiring certain financial institutions to allow consumers and approved third-party financial service providers to allow...more

Goodwin

CFPB Takes the Next Step Towards Establishing Rules for Open Banking

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In Se​​​​​​​ptember 2024, the CFPB announced the launch of a public comment process for the first application for open banking standard setter recognition, marking an important step towards establishing rules for open banking...more

Orrick, Herrington & Sutcliffe LLP

CFPB receives first application for open banking standard setter recognition

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

Troutman Pepper

CFPB Launches Public Comment Process for Open Banking Standard Setter Recognition

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On September 24, the Consumer Financial Protection Bureau (CFPB or Bureau) announced a significant development in its efforts to implement open banking rules in the United States. The Bureau has initiated a public comment...more

Hudson Cook, LLP

CFPB Bites of the Month Webinar Recap: The CFPB and the Dust of June

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In this month's article, we share some of our top "bites" covered during the June 2024 webinar....more

K&L Gates LLP

Overview of the CFPB's Proposed Open Banking Rule and Final Industry Standard Setting Rule

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The financial services and banking industry landscape continues to evolve in the face of new and emerging technologies. This phenomenon is especially prevalent in the sharing of consumer data between financial institutions...more

Ballard Spahr LLP

CFPB issues new rule for recognizing open banking standards

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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

Orrick, Herrington & Sutcliffe LLP

CFPB finalizes standards setting body component of open banking rule

On June 5, the CFPB announced it finalized in part its proposed Personal Financial Data Rights rule, thus establishing the minimum qualifications necessary for the Bureau to become a recognized industry standard setting body...more

Goodwin

CFPB and European Commission Release Report Regarding “Critical” Priority Areas for Consumer Financial Protection Issues

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In April 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) and the Commissioner for Justice and Consumer Protection of the European Commission (European Commission) announced that three meetings had been...more

Orrick, Herrington & Sutcliffe LLP

Chopra discusses open banking and standard-setting

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

Perkins Coie

CFPB Issues Proposed Open Banking Rule

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The Consumer Financial Protection Bureau (CFPB) announced that it was issuing a Notice of Proposed Rulemaking regarding Personal Financial Data Rights on October 19, 2023. The proposed rule (Proposed Rule) would implement...more

Troutman Pepper

CFPB Director Chopra Delivers Remarks on Standard-Setting for Open Banking

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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

Holland & Knight LLP

Consumer Financial Protection Bureau Proposes New Financial Data Portability, Security Rules

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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

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