CFPB Begins 1033 Rulemaking to Set Standards for the Use of Consumer Financial Data

The CFPB rulemaking intends to provide consumers greater control over personal data to help accelerate the shift toward open banking and more decentralized markets. The proposed rule would move U.S. privacy regulations closer to Europe's…

RealClearMarkets: Consumer Data Access: A Bipartisan Plan to Boost Financial Innovation

The Consumer Financial Protection Bureau is now sifting through dozens of comments on a rulemaking on open banking that presents a rare opportunity for bi-partisan agreement, and may determine the pace of innovation for the financial services industry. Patomak’s Paul Watkins and op/ed co-author Jonah Crane write that consumers need a clear right to share all of their up-to-date data viewable today in an online account.