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American Fintech Council Identifies Hurdles in CFPB Open Banking Proposal

January 3, 2024

The CFPB proposed a change on personal financial data rights implementing Section 1033 of the Dodd-Frank Act. It has stated that it aims to finalise the rule in 2024, formally establishing consumers’ right to control and securely share their financial data and accelerating open banking in the United States.

“Many market participants have already sought to develop technologies and standards to facilitate consumer access to personal financial data,” wrote the CFPB in their introduction to the rulemaking. “The CFPB intends to accelerate the shift to a more open and decentralized system through the issuance of a final rule.”

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