News & Analysis as of

Banks Data-Sharing

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

Mayer Brown

Facilitating Data Sharing in Open Finance - New Central Bank Resolution

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In October of this year, the Central Bank of Brazil announced an important measure to simplify the consent renewal process within the field of Open Finance. Joint Resolution No. 7/2023—which will amend certain articles of...more

Goodwin

“Open Banking” Promoted in New CFPB Rule

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​​​​​​​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

Jenner & Block

Client Alert: The CFPB’s New “Open Banking” Rule: Consumers and Competition Expected to Win Once Policies and Procedures Ironed...

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Last week, the Consumer Financial Protection Bureau issued its long-awaited proposed rule to implement Section 1033 of the 2010 Consumer Financial Protection Act, which has come to be known as the “open banking” provision...more

Hogan Lovells

New Resolution by the Brazilian Central Bank addresses the sharing of data regarding indications of fraud

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On May 23, 2023, the Brazilian Central Bank (Banco Central do Brasil – “BACEN”), together with the National Monetary Council (Conselho Monetário Nacional – “CMN”), enacted Resolution No. 6 (the “Resolution”), which outlines...more

McGlinchey Stafford

[Webinar] Deep Dive into Privacy and Bank Partner Programs - March 22nd, 10:00 am PT

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The next installment in McGlinchey’s Deep Dive Series covering all things privacy is a webinar featuring attorneys from McGlinchey’s Financial Institutions Compliance team....more

Barnea Jaffa Lande & Co.

Banks Required to Share Information about Clients with Other Financial Bodies

As part of a broad change led by the Ministry of Finance to increase competition in the banking and financial services market, a memorandum for the Provision of Financial Information Services was recently published for public...more

BCLP

Do most banks and financial service companies take the position that the use of third party behavioral advertising cookies is, or...

BCLP on

Almost all banks and financial institutions that utilize third party behavioral advertising cookies have taken the position that the collection of information utilizing such cookies on their websites does not constitute a...more

BCLP

Survey of Bank and Financial Service Companies' Privacy Practices

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To help identify trends in privacy representations, BCLP reviewed the websites and privacy notices of Fortune 500 companies identified as primarily engaged in the banking and financial service sectors. The following...more

BakerHostetler

Blockchain Applications Advance for Healthcare and Payments, CFTC Prioritizes Cryptocurrencies, QuadrigaCX Saga Continues

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Blockchain Initiatives in Healthcare and Other Industries Target Data Integrity, Speed and Analytics - Last week, a not-for-profit alliance of life sciences industries firms announced an expansion of its blockchain project...more

Hogan Lovells

Open Banking: Disrupting relationships between customers and banks

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The modern banking system has existed in much the same essential form since the first banks were opened up for customers to deposit money and valuable items centuries ago. ...more

Kilpatrick

CFPB Outlines Principles for Consumer-Authorized Financial Data Sharing and Aggregation

Kilpatrick on

The Consumer Financial Protection Bureau (CFPB or Bureau) recently released a set of consumer protection principles for protecting consumers when they authorize third party companies to access their financial data to provide...more

Ballard Spahr LLP

ABA comments on CFPB’s RFI on consumer access to financial information

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The American Bankers Association has submitted a comment letter in response to the CFPB’s request for information regarding consumer access to financial information. The ABA observes that while larger institutions have...more

Baker Donelson

CFPB's Proposed Rule Promotes More Efficient and Effective Privacy Disclosures

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The Consumer Financial Protection Bureau (CFPB) has proposed a rule that would promote more effective privacy disclosures from financial institutions to its respective customers. Currently, the Gramm-Leach-Bliley Act (GLBA)...more

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