CFPB Open Banking + Comparison with PSD2 Topics covered in this blog CFPB 1033 CFPB Open Banking CFPB Open Banking and AI Concerns Comparison with PSD2 Open Banking Regulation CFPB 1033 On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) released its long-awaited “Required Rulemaking on Personal Financial Data Rights” (Proposed Rule) for public comment. The CFPB proposed a rule that would bring large nonbank payment processors under its supervision, subjecting them to similar regulations as traditional banks. This rule primarily targets companies like: Apple Google Amazon Meta (formerly Facebook) Square PayPal Impact: Increased Scrutiny: These fintechs would face stricter oversight regarding consumer protection, fair lending practices, and data privacy, similar to what banks experience. Focus on Large Players: The rule is aimed at comp...