The CFPB’s Final Rules on Personal Financial Data Rights and Its Impact on Open Banking and Payments

This panel will explore how new rules from the CFPB can provide a high-fidelity view of consumers financial data, powering innovation and improving consumer outcomes. We’ll start by examining how the final rule fits within the broader open banking ecosystem. Then we’ll dive into the contours of the final rule including its novel reliance on industry standard setters to determine compliance obligations, and examine the risks that increased data access and sharing bring, from privacy and data harvesting to payments fraud, and ways to manage those risks.