Applications for open banking standard setter recognition

In June, the Consumer Financial Protection Bureau (CFPB) finalized a rule outlining the qualifications to become a recognized industry standard-setting body, which can issue consensus standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule. The rule identifies the attributes that standard-setting bodies must demonstrate in order to be recognized by the CFPB as an open banking standard setter, including openness, balanced decision-making, consensus, due process and appeals, and transparency.

The rule also states that when an organization applies for recognition, the CFPB may publish the application and seek public input. As the rule explains, such publication enables stakeholders who believe the application is deficient in some respect to bring the CFPB’s attention to any evidence that might bear on the merits of the application. In response to comments, or to the CFPB’s own analysis, applicants may choose to adjust applications before final resolution.

Applications that are ready for public comment will be posted here, along with the relevant comment deadline.

You may submit comments at the Federal eRulemaking Portal or through email (at OpenBankingStandards@cfpb.gov). If you use the Federal eRulemaking Portal, please follow the instructions listed there and use the relevant docket number to identify the correct notice for comment. If you use email submission, you must include the relevant docket number in the subject line of your email.

We encourage you to submit your comments early. All submissions, including attachments and other supporting materials, will become part of the public record and subject to public disclosure. Confidential commercial information or sensitive personal information, such as account numbers or Social Security numbers, or names of other individuals should not be included. Submissions will not be edited to remove any identifying or contact information.