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CFPB finalizes open banking standard-setter rule

June 7, 2024

The Consumer Financial Protection Bureau laid more groundwork Wednesday for its open banking rule, inking the qualifications necessary for the industry’s eventual standard setters, which will include consumer groups, app developers and financial companies.

Wednesday’s rule identifies the qualities such standard-setting bodies must have to be recognized by the CFPB, and how to apply for such recognition.

Industry standard-setting organizations must not be rigged in favor of industry players and must have transparent and publicly available decision procedures. Decisions made by standard setters must be balanced and by consensus, with due process and appeals.

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