News & Analysis as of

Final Rules Regulatory Requirements Open Banking

Orrick, Herrington & Sutcliffe LLP

District court pauses CFPB’s open banking rule for 30 days

On February 25, the U.S. District Court for the Eastern District of Kentucky granted a 30-day stay in the case concerning the CFPB’s final rule on open banking, implementing Section 1033, following a joint motion by the...more

Orrick, Herrington & Sutcliffe LLP

Fintech trade group argues to sustain open banking rule

On February 12, a trade group representing the fintech industry filed a motion to intervene in a pending lawsuit regarding the CFPB’s final rule on open banking, in order to defend it. The suit was filed originally by a bank...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

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

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