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Banks Consumer Financial Protection Bureau (CFPB) Open Banking

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

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

Nutter McClennen & Fish LLP

Nutter Bank Report: June 2024

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

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

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

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

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

Akerman LLP

Explainer Things: Episode 10

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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

Orrick, Herrington & Sutcliffe LLP

Chopra says open-banking rule is coming

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

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