News & Analysis as of

Financial Regulatory Reform Open Banking

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

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

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

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

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

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

Troutman Pepper

CFPB Launches Rulemaking to "Jumpstart" Open Banking

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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

Troutman Pepper

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

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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

Latham & Watkins LLP

Taskforce Proposes New Approach to Financial Regulation in the UK

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A report from the Taskforce on Innovation, Growth and Regulatory Reform provides recommendations for how the UK can “re-imagine” its approach to regulation post-Brexit. On 16 June 2021, the Taskforce on Innovation,...more

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