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On June 4, the Consumer Financial Protection Bureau (CFPB) issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. Additionally, on June 5, the CFPB finalized a rule outlining the qualifications to become a recognized industry standard-setting body, which can issue standards to help companies comply with the upcoming Personal Financial Data Rights Rule.
CFPB says startups and consumers must have say in open banking standard setting https://t.co/zaAKIs06jZ
The CFPB made more progress in its efforts to lay the groundwork for open banking in the U.S., adopting a mechanism that will allow "open" and "balanced" organizations to begin setting official, industry-wide technical standards for financial data sharing. https://t.co/XehhMGrrWK https://t.co/z63Q4rUDI5
Today, the CFPB finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule. https://t.co/4qUISyABlj