Summary
- The Consumer Financial Protection Bureau (CFPB) has moved forward with its Section 1033 “open banking” regulation by sending a proposal to the Office of Information and Regulatory Affairs (OIRA) for review.
- This marks a significant step in the CFPB's efforts to revise the existing regulation governing consumer access to financial data.
- The submission includes a Notice of Proposed Rulemaking (NPRM), which outlines the intended changes and seeks public input.
- The outcome of this proposal could reshape how consumers interact with their financial information and services.
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