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
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
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
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
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
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
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
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