CFPB issues first application approval for company to issue standards for open banking
By EsqSocial Corporation 14/01/25
On January 8, the CFPB issued an order recognizing a company as a standard-setting body under its Personal Financial Data Rights rule, marking the first such recognition since the rule’s October 2024 release. The rule mandates that financial institutions, credit card issuers, and other financial providers allow consumers to transfer their personal financial data to another provider, at no cost, upon the consumer’s request....
By: Orrick, Herrington & Sutcliffe LLP