News & Analysis as of

Financial Institutions Consumer Financial Protection Bureau (CFPB) Open Banking

DLA Piper

Bank Regulatory News and Trends

DLA Piper on

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

DLA Piper on

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

Mayer Brown on

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

Proskauer - New Media & Technology

CFPB Issues Final “Open Banking” Rule Governing Third Party Use of Consumer Banking Information

After a yearslong lead-up, the Consumer Financial Protection Bureau (CFPB) published its final “open banking” rule in October. The rule effectuates the section of the Consumer Financial Protection Act, which charged the CFPB...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

Latham & Watkins LLP on

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

Holland & Knight LLP on

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

Troutman Pepper

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

Troutman Pepper on

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

Ballard Spahr LLP on

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

Husch Blackwell LLP on

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

Akerman LLP on

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

Poyner Spruill LLP on

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

Troutman Pepper

CFPB Launches Public Comment Process for Open Banking Standard Setter Recognition

Troutman Pepper on

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

K&L Gates LLP

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

K&L Gates LLP on

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

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

Troutman Pepper

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

Troutman Pepper on

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

Goodwin

“Open Banking” Promoted in New CFPB Rule

Goodwin on

​​​​​​​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

Manatt, Phelps & Phillips, LLP

CFPB’s Proposes Data Rights Rule to Accelerate the Shift to “Open Banking”

On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking to implement Section 1033 of the Dodd-Frank Act. The Personal Financial Data Rights Rule would require...more

Akerman LLP

Explainer Things: Episode 10

Akerman LLP on

Our newsletter’s title is a nod to the semi-scary Netflix series Stranger Things. No surprise we are VERY excited about Halloween. You may notice that our regular pop culture references have gone horror-themed for this...more

Cadwalader, Wickersham & Taft LLP

Entities Subject to the CFPB's Personal Data Financial Rights Proposed Rule, Part 2

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

Cooley LLP

CFPB Proposes Financial Data and Open Banking Rule

Cooley LLP on

On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking to implement Section 1033 of the Dodd-Frank Act. Section 1033 of Dodd-Frank requires covered persons to make...more

Troutman Pepper

CFPB Launches Rulemaking to "Jumpstart" Open Banking

Troutman Pepper on

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

Davis Wright Tremaine LLP

First Impressions on CFPB's Proposed Open Banking Rule: Considerations for Key Stakeholders

On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) released its long-awaited "Required Rulemaking on Personal Financial Data Rights" (Proposed Rule) for public comment. The Proposed Rule was issued under...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - October 2023 # 4

Troutman Pepper on

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

30 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide