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CFPB warns of ‘dangers’ on standards for open banking

March 15, 2024

As financial services companies prepare for the advent of open banking in the U.S., thanks to a pending Consumer Financial Protection Bureau rule proposal, the agency’s director, Rohit Chopra, warned of “dangers” in setting standards for the new realm.

In remarks before the Financial Data Exchange Global Summit on Wednesday, Chopra explained that standard-setting organizations will play a crucial role in setting up parameters for open banking, a new arena in which consumers can move their financial data easily, safely and privately from one financial institution to another.

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