09/24/2024 | Press release | Distributed by Public on 09/24/2024 10:14
The Consumer Financial Protection Bureau (CFPB) is taking a crucial step towards implementing rules for open banking in the United States. We are now publishing the first application for public comment from an organization seeking recognition as an open banking standard-setter. We invite public comments on this application.
Standard-setters can develop standards that will help ensure a safe, secure, reliable and competitive open banking framework. In June 2024, the CFPB finalized a rule outlining five key qualifications for becoming a recognized standard-setting body in connection with the CFPB's forthcoming final Personal Financial Data Rights rule:
We are now starting to seek public comment on the merits of applications under these criteria. The first application published for comment is from the Financial Data Exchange. Your input is crucial in evaluating whether FDX is equipped to develop fair and effective open banking standards that serve the interests of all stakeholders, especially consumers.
To review the FDX application and submit comments, visit the CFPB's Applications for open banking standard setter recognition webpage. Other applications published for public comment will also be posted at that same location.