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The March Toward Greater Transparency and Trust in Open Banking

The March Toward Greater Transparency and Trust in Open Banking

By: Primax Since the release of the Consumer Financial Protection Bureau’s (CFPB’s) Personal Financial Data Rights rule, commonly referred to as Rule 1033, the financial services industry has been closely monitoring the impacts on an open banking ecosystem that is already market-led. A major moment came on July 29 when the court granted the CFPB a stay, pausing the ongoing litigation with the Bank Policy Institute (BPI). CFPB indicated substantial revisions would be made to Rule 1033 to address concerns raised by stakeholders and an advance notice of proposed rulemaking (ANPR) would be...

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