Presentation
The CFPB’s Final Rules on Personal Financial Data Rights and Its Impact on Open Banking and Payments
Read Time: 1 minMembers Aaron Kouhoupt (Cleveland) and Adam Maarec (Washington, DC) will co-present “The CFPB’s Final Rules on Personal Financial Data Rights and Its Impact on Open Banking and Payments,” on April 30, 2025, during Nacha’s Smarter Faster Payments 2025 in New Orleans, Louisiana.
Their 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. They will start by examining how the final rule fits within the broader open banking ecosystem. Then, 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.
Nacha governs the ACH Network, the payment system that drives Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. It advances the nation’s payment system and delivers payment education, accreditation, and advisory services.