Update: CFPB’s New Rule on Open Banking Standards

Posted by Gracie Nelson on June 5, 2024

The Consumer Financial Protection Bureau (CFPB) has just finalized a rule that outlines the qualifications to become a recognized industry standard setting body. This rule is crucial for the implementation of the upcoming Personal Financial Data Rights Rule which was proposed in October 2023 and could be finalized later this year.

GoWest has actively engaged in this process. We submitted comments on the proposed open banking rules and had a GoWest member participate in the Small Business Regulatory Enforcement Fairness Act (SBREFA) panel. Our advocacy efforts have highlighted key concerns, particularly regarding the implementation of these rules in the absence of standardized practices. The new rule is an important step in addressing those concerns and ensuring members experience as little friction as possible when choosing credit unions as their financial partners.

As we move forward, GoWest will continue to monitor the implementation of these standards and advocate for the interests of our members. This new rule marks an important milestone in our journey towards a more open and inclusive financial system, and we remain committed to ensuring that our member credit unions are well-prepared for the changes ahead.

For more information on how to apply for CFPB recognition and the evaluation process, click here. To view the final rule, click here.

Posted in Advocacy on the Move, Regulatory Advocacy.