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
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
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
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
After over a decade of discussion regarding how best to balance the complex set of policy interests, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking to implement section 1033 of the...more
In this month's article, we share some of our top "bites" for the prior month covered during the June 2023 webinar. Bite 12: CFPB Focusing on Overdraft Issues - On May 18, 2023, the CFPB announced that it had issued a...more
Acting Comptroller of the Currency Michael J. Hsu recently discussed the evolution and impact of open banking during remarks at the Spring FDX Global Summit. Defining open banking as “enabling consumer-permissioned sharing of...more
Open banking in Brazil, the system created by the Brazilian Central Bank for the sharing of data, information and financial services, is moving forward to its fourth stage. Open banking is a system created by the Brazilian...more
Key developments of interest over the last month include: Brazil: Central bank publishes details of push towards Phase 2 of Open Banking - United Kingdom: PSR launches Digital Payments Initiative - Estonia:...more
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
Open banking is an important driver of the fintech revolution. Regulators have recognised open banking as a means of introducing competition and innovation in the banking sector. Likewise, fintechs are seizing the...more
The concept of open banking has been around for much of the 21st century and has been instrumental in creating a host of new banking services. ...more
This post is the fourth and final in a series discussing Open Banking, its implementations, and its implications. In the United States, “open banking” does not yet mean that bank account and transaction data can be freely...more
What is Open Banking? Open banking is a collaborative model in which banks and other similar regulated financial institutions are required to share their customers’ financial data with third parties upon the request of...more
This post is the first in a series discussing open banking, its implementations, and its implications. “Open banking” is a phrase that has been coined to capture a current theme in financial sector innovation – one that...more