Global newsletter: Open banking rules are coming...next year (probably)

Global newsletter: Open banking rules are coming…next year (probably)

The Dodd-Frank Act was handed in 2010 in response to the monetary disaster. One small a part of the Act is Part 1033, which is all about client entry to monetary information.

This client entry and management of monetary info is what has turn out to be referred to as open banking (or open finance extra broadly). Now, in a weblog put up printed yesterday by CFPB director Rohit Chopra, we now have a (considerably) definitive timeline for implementation.

Director Chopra says they anticipate “to solicit feedback on our formal proposal in just a few months and finalize in 2024.”

Is it simply me, or does it appear to be the implementation of Part 1033 is at all times a 12 months or extra away? Given 2024 is an election 12 months, I think about the CFPB shall be anxious to get this rolled out earlier than November.

Rohit Chopra speaks — Rohit Chopra, Director of the Shopper Monetary Safety Bureau of america, makes an announcement at Cash 20/20 in Las Vegas Oct. 25, 2022. | FILE – John Ok. White

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Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and occasions firm centered on fintech. Peter has been writing about fintech since 2010 and he’s the creator and creator of the Fintech One-on-One Podcast, the primary and longest-running fintech interview collection. Peter has been interviewed by the Wall Road Journal, Bloomberg, The New York Instances, CNBC, CNN, Fortune, NPR, Fox Enterprise Information, the Monetary Instances, and dozens of different publications.

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