On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule (Rule) on personal financial data rights under Section 1033 of the Dodd-Frank Act.1The Rule imposes significant new obligations on financial institutions that maintain consumer account information and affords ne...
The Consumer Financial Protection Bureau (CFPB) is working on a final proposal for its open banking rule. If codified, theopen banking rulewill enable consumers to own, access and share their financial data however and with whomever they choose. Open banking generally refers to a co...
on October 22, 2024 the Consumer Financial Protection Bureau (CFPB) issued its final Rule under Section 1033 of the Consumer Financial Protection Act. The Rule, also referred to as the “open banking rule,” has been a key priority of CFPB Director Rohit Chopra’s rulemaking...
But the rule was immediately challenged in court. In their lawsuit, BPI and its co-plaintiffs allege the CFPB lacks authority to mandate free, comprehensive data-sharing and risks cutting off emerging private-sector open banking efforts that would be safer for consumers. Under Chopra, the CFPB ...
Fact: There is nothing in the rule that would “sunset” the practice of screen scraping. The CFPB suggests in the preamble that itcouldregulate screen scraping in the future under its existing authority; however, the final rule does nothing to legally prohibit screen scraping practices. Many da...
The Consumer Financial Protection Bureau (CFPB) in October issued afinal rulefor personal financial data rights, referred to as the “open banking” rule because it requires banks, credit unions and other financial service providers to make consumer data available upon request t...
Trump's CFPB guts rule mandating small business loan data The Consumer Financial Protection Bureau will not enforce or supervise the 1071 small business lending rule, it announced in a press release. The rule requires collecting data on the race, ethnicity, gender and LGBTQ status of loan appli...
According to the CFPB, the final rule “will give consumers greater rights, privacy, and security over their personal financial data” and “moves the United States closer to having a competitive, safe, secure, and reliable ‘open banking’ system.”2It remains controversial within the...
The CFPB announced the open banking rule, commonly known as section 1033. Learn more about what 1033 entails and how it applies to you.
The CFPB’s final rule implementing Section 1033 will accelerate a shift to open banking and increase competition among certain types of financial services providers. But it will also create a new and potentially burdensome regulatory regime. Covered entities should closely examine the final rule, co...