Additional guidance on nonbank registry; student loan ABS settle with CFPB; mortgage servicers file appeal; CFPB releases webpage for open banking standard setter applications; inflation adjustment for higher-priced mortgages.
With the bureau’s Section 1033 rule expected to be finished shortly, the regulator is interested in issuing additional rules on open banking, with one potentially focused on mortgages.
Harris reiterates housing plan at debate; Trump vows to prohibit mortgages for undocumented residents; CFPB plans open banking rule for mortgages; Rocket to rebrand.
As part of the iOS 18 update, Apple will allow app developers to offer their own forms of contactless transactions, beyond Apple Pay and Apple Wallet. CFPB has called for feedback on the change.
The CFPB has outlined qualifications required by standard-setting organizations to be formally recognized as such. The move paves the way for the bureau’s upcoming personal financial data rights rule.
Standard-setting organizations will be able to apply for recognition from the CFPB soon, Director Rohit Chopra said. The move will take the bureau closer to finalizing open banking rules.
Industry participants and consumer advocates separately applauded the CFPB’s Section 1033 proposal on open banking. There were also plenty of suggestions for adjustments among the thousands of comment letters submitted.
Section 1033 of the Dodd-Frank Act directed the CFPB to establish financial data-sharing rules. More than 13 years after the DFA was signed into law, the CFPB issued a proposed rule to carry out the 1033 mandate. The rule aims to facilitate open banking.