The Consumer Financial Protection Bureau today announced it is accepting public comment on the first application from an organization seeking to become a recognized standard-setting body under the bureau’s proposed financial data-sharing regulation. All applications will be posted on a single website, the CFPB said.
Earlier this year, the CFPB issued a partial final rule establishing the qualifications that organizations must meet to become recognized standard-setting bodies under the proposed regulation, which would implement Section 1033 of the Dodd-Frank Act. According to the bureau, standard-setting bodies must display openness, transparency, balanced decision making, consensus, and due process and appeals. (Read the American Bankers Association’s staff analysis on the partial final rule.)
The deadline for comments on the first application by the Financial Data Exchange, or FDX, is Oct. 16. ABA has expressed support for FDX being recognized given its broad adoption by banks, fintechs and aggregators operating in the data-sharing ecosystem.
