News & Analysis as of

Data Privacy Open Banking

McGlinchey Stafford

The Next Wave of Open Banking: New Rules on Personal Financial Data Rights

McGlinchey Stafford on

A rapid transformation in consumer finance is being brought about by open banking—a pivotal innovation that allows consumers to give third parties real-time access to their detailed financial data. Open banking has the...more

Hudson Cook, LLP

CFPB Bites of the Month - January 2025 - June in January with the CFPB

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" covered during the January 2025 webinar....more

McGlinchey Stafford

CFPB’s Open Banking Rules: Dead on Arrival or Alive and Well?

McGlinchey Stafford on

The Consumer Financial Protection Bureau (CFPB) finalized its long-awaited Personal Financial Data Rights rules under Section 1033 of the Dodd-Frank Act, marking a significant milestone in the regulation of...more

Clark Hill PLC

CFPB Approves FDX Application With Conditions to Foster Transparency and Open Banking

Clark Hill PLC on

The Consumer Financial Protection Bureau (CFPB) has approved the Financial Data Exchange’s (FDX) application to serve as a standard-setting body under the final rule for Personal Financial Data Rights, (“open banking”)...more

K&L Gates LLP

What the Future May Hold for the Consumer Financial Protection Bureau's Open Banking Rule

K&L Gates LLP on

Will the Consumer Financial Protection Bureau’s (CFPB) recently promulgated open banking rule survive under the new Congress and incoming presidential administration? Two upcoming proceedings may hold the answer....more

K&L Gates LLP

Complying With the New "Open Banking" Regime: Primer and Fact Sheet

K&L Gates LLP on

The Consumer Financial Protection Bureau (CFPB) finalized its “open banking” rule in late 2024. As required by Section 1033 of the Consumer Financial Protection Act, the CFPB promulgated the rule to require certain financial...more

Alston & Bird

CFPB Approves Financial Data Exchange to Set Standards for 1033

Alston & Bird on

What Happened? Last week the CFPB issued an Order recognizing the Financial Data Exchange, Inc. (“FDX”) as the first standard setting body (“SSO”) under the CFPB’s Personal Financial Data Rights Rule (the “Rule”).  The Rule...more

Morrison & Foerster LLP

Open Banking Update: CFPB Recognizes First Open Banking Standard-Setting Body

On January 8, 2025, the Consumer Financial Protection Bureau (CFPB) issued a decision and order approving the application of Financial Data Exchange, Inc. (FDX) for recognition as a standard-setting body (SSB) under the...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues first application approval for company to issue standards for open banking

On January 8, the CFPB issued an order recognizing a company as a standard-setting body under its Personal Financial Data Rights rule, marking the first such recognition since the rule’s October 2024 release. The rule...more

Troutman Pepper Locke

CFPB Approves Financial Data Exchange as Open Banking Standard Setter

Troutman Pepper Locke on

On January 8, the Consumer Financial Protection Bureau (CFPB) officially recognized Financial Data Exchange, Inc. (FDX) as the first standard-setting body under the Personal Financial Data Rights promulgated rule under...more

McGlinchey Stafford

[Webinar] Deep Dives Presents: Open Banking - January 15th, 10:00 am PT

McGlinchey Stafford on

Join McGlinchey’s Deep Dives series for an in-depth exploration of open banking, a transformative trend reshaping financial services. This webinar will discuss the opportunities, challenges, and regulatory considerations of...more

Skadden, Arps, Slate, Meagher & Flom LLP

National Payments Vision: A Strategic Blueprint for the Future of UK Payments

On November 14, 2024, the UK government unveiled its National Payments Vision (the Vision), a strategy designed to reshape the UK’s payments ecosystem. This Vision responds to the findings of the 2023 Future of Payments...more

Goodwin

Money20/20 Zeros in on AI, Open Banking, and Payment Innovation

Goodwin on

The end of October marked the conclusion of another successful year of Money20/20, the premier event for the payments, banking, fintech, and financial services industries. If you missed the conference, fear not. Below is a...more

Ballard Spahr LLP

CFPB suggests that state privacy laws can—and should—regulate financial data

Ballard Spahr LLP on

On November 12, 2024, the Consumer Financial Protection Bureau (CFPB) released a report examining the carve outs and limitations contained in comprehensive state privacy laws relating to financial institutions.  In an...more

Proskauer - New Media & Technology

CFPB Issues Final “Open Banking” Rule Governing Third Party Use of Consumer Banking Information

After a yearslong lead-up, the Consumer Financial Protection Bureau (CFPB) published its final “open banking” rule in October. The rule effectuates the section of the Consumer Financial Protection Act, which charged the CFPB...more

Cozen O'Connor

CFPB Finalizes Rule for Recognizing Open Banking Standard Setters

Cozen O'Connor on

The CFPB finalized a rule establishing a process for recognizing open banking standards and outlined qualifications for entities to become recognized standard-setting bodies (Final Rule). Under the Final Rule,...more

Troutman Pepper Locke

CFPB Launches Rulemaking to "Jumpstart" Open Banking

Troutman Pepper Locke on

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

Davis Wright Tremaine LLP

First Impressions on CFPB's Proposed Open Banking Rule: Considerations for Key Stakeholders

On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) released its long-awaited "Required Rulemaking on Personal Financial Data Rights" (Proposed Rule) for public comment. The Proposed Rule was issued under...more

A&O Shearman

Basel Committee Publishes Report on Open Banking and Application Programming Interfaces

A&O Shearman on

The Basel Committee on Banking Supervision has published a report on “open banking” and the use of application programming interfaces. The term “open banking” refers to the sharing and leveraging of customer-permissioned data...more

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