Open Banking Standard-Setters Must Include Consumers, CFPB Says

Industry organizations setting technical standards for open banking will have to strike a balance that allows consumer advocates and smaller companies to have a say under a new Consumer Financial Protection Bureau rule.

The CFPB is putting together a broad framework for allowing customers to share their bank and credit card account data, including with third-party financial technology companies. The agency has said it plans to rely on industry and consumer advocates to set the technical standards for how the open banking ecosystem will operate.

The open banking rule, mandated under Section 1033 of the 2010 Dodd-Frank Act, is intended ...