Small Banks Brace for Big Bills in Open Banking Reset
With the Consumer Financial Protection Bureau reopening its open banking rule under Section 1033, the central questions over who pays for what data and how much it will cost banks and FinTechs will spark ferocious debate.
The CFPB issued an advance notice of proposed rulemaking (ANPR) to reconsider its 2024 open banking rule. This action launched a 60-day public comment period, expected to close by mid-October. Stakeholders, from community credit unions to national banks and FinTech firms, are now invited to offer input on cost recovery models, data-sharing timelines, reauthorization schedules and the ways in which security of data would be improved.
26 Views