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
The CFPB, as part of its initiative to accelerate the shift to open banking in the United States, issued a final rule on June 5 that outlines the qualifications to become a recognized industry standard setting body, which can...more
On March 8, the Wyoming governor signed HB 145 (the “Act”) related to open banking, making two changes. First, the amendment updated the definition of a “customer” as a natural person or an agent, trustee, or representative...more
On June 12, CFPB Director Rohit Chopra announced that the agency is currently working to propose a rule that will assist consumers in making the switch to open banking. Chopra explained how consumers are “deadlocked” when it...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
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