Financial Services Advisory: CFPB Finalizes Open Banking Rule on Consumer Financial Data Rights

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 requires financial institutions, credit card issuers, and other financial providers (“Subject Entities”) to make available consumers’ financial data and transfer […]

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For the last several years, federal agencies, including the Consumer Financial Protection Bureau (“CFPB”), have been strongly encouraging financial institutions to implement and offer targeted credit assistance to historically underserved communities as one way to remedy the effects of redlining. Not surprisingly, in accordance with the prior Administration’s Combatting Redlining Initiative, every one of the […]

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What Happened? On August 12, the Consumer Financial Protection Bureau (CFPB) submitted a comment letter in response to a Treasury Department Request for Information on the use of AI in financial services. Why Is It Important? Reiterating that “there is no ‘fancy new technology’ carveout to existing consumer financial laws,” the CFPB has emphasized that […]

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