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ARTICLE · 23 JANUARY 2025

CFPB Issues Order For Financial Data Exchange To Issue Standards Under CFPB's Personal Financial Data Rights Rule

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On January 8, 2025, the Consumer Financial Protection Bureau (CFPB) issued an order recognizing Financial Data Exchange, Inc. (FDX) as a standard-setting body under the CFPB's Personal Financial Data Rights rule.

United StatesFinance and Banking
Trisha Sircar
Trisha Sircar
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On January 8, 2025, the Consumer Financial Protection Bureau (CFPB) issued an order recognizing Financial Data Exchange, Inc. (FDX) as a standard-setting body under the CFPB's Personal Financial Data Rights rule. The order of recognition is the first to be issued under the rule. The Personal Financial Data Rights rule, released in October 2024, requires financial institutions, credit card issuers, and other financial providers to unlock an individual's personal financial data and transfer it to another provider at the consumer's request for free. The CFPB established a formal application process outlining the qualifications to become a recognized industry standard-setting body, which can issue standards that companies can use to help them comply with the CFPB's rules. The CFPB also issued updated procedures for companies seeking special regulatory treatment, such as through "no-action letters."

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