Join us for this bonus episode where the RegFi hosts share their initial reactions to the CFPB’s proposed rule on Personal Financial Data Rights. The proposed rule, which implements Section 1033 of the Dodd-Frank Act, promises to have wide-ranging effects on banks, credit unions, credit card issuers, fintechs offering open banking services and consumers. Our team discusses the history behind the rule, its key provisions and how the rule will affect the industry, and expectations for the coming year as the CFPB seeks to bring this rule into effect.

Links:

• Open Banking: What Financial Institutions Should Know About the CFPB’s Proposed 1033 Rule (Orrick Alert)
• Text of the Proposed Personal Financial Data Rights Rule
• CFPB Press Release for the Proposed Personal Financial Data Rights Rule
• CFPB Director Chopra’s Remarks on the Proposed Personal Financial Data Rights Rule
• Orrick Financial & Fintech Advisory Practice
• RegFiPodcast.com