WASHINGTON, D.C. – The Financial Technology Association (FTA) today applauded Consumer Financial Protection Bureau (CPFB) Director Rohit Chopra’s announcement that the CFPB will soon move forward with rulemaking to safeguard the open banking infrastructure and establish consumers’ rights to their financial data.
“We are pleased to see that the open banking rulemaking process will move forward,” said FTA Chief Executive Officer Penny Lee. “Open banking means better services at lower costs for consumers. By establishing consumers’ rights to their financial information, the CFPB can promote competition in the economy and ensure consumers have control of their data and can securely access the apps and services they want.”
The Financial Technology Association has called on the CFPB to accelerate open banking rulemaking under Section 1033 of the Dodd-Frank Act. Most recently, FTA urged the CFPB to promote consumer fairness and choice by supporting the consumer-centric implementation of open banking regulation and establishing a broad data right consistent across direct and authorized access.
For more information on the importance of open banking to preferred consumer financial products, read “Fintech Explained: Open Banking Drives Consumer Benefit and Choice.”
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The Financial Technology Association (FTA) represents industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.